I know that gas lease money is taxed at the State and Federal level, but what about locally? Berkheimer and Central Tax; I can't figure out where to put it on their forms.
call them - I'm sure they can tell you
Most local tax is earned income only, so passive gas lease income would not be taxed. Your area may be different.
Hi there, I know you should contact a tax advisor, but how much is lease money taxed on the federeral and state level? Does that need to be mailed in on a quarterly or just at the end of the year? Thanks for any input, Sean
are you talking about signup bonus? it's taxed as income both on the federal and state level; and yes Uncle Sam wants his money quarterly -- could be penalty if you wait until end of the year. Suggest you contact a tax guru.
I signed my contract in Oct 2011, got the money in November, sent in the full estimated tax payment in December, and STILL got a penalty ($26.26). The penalty is for not submitting estimated payments; I assume they mean throughout the year. I just got the bill yesterday and can't get through to anyone on the phone to talk about it. That's how the state makes money; it's easier to just pay it than spend your life trying to find a state employee to argue with.