How to avoid paying taxs on your leases

Any suggestions on how to avoid paying taxs on your leases, before the 1 Jan rolls around.

Views: 9230

▶ Reply to This

Replies to This Discussion

Permalink Reply by mary kinser on January 3, 2012 at 5:00am
oops sorry,i must of finally hit a nerve!
Permalink Reply by Finnbear on January 3, 2012 at 6:11am

Don't feed the trolls!

Permalink Reply by Gary Ball on January 3, 2012 at 2:45pm

When I started this tread, I was looking for some advice over dealing with the taxs on not really a large amount of money, just looking for a way of saving a little,instead of feeding the goverment. I appreciate the positive comments. I am far from rich, thats why I am working 4 hrs from home on a construction project.

Permalink Reply by Shower Bath on January 3, 2012 at 5:31am

If you're concerned about what you might owe, see the tax schedules:

http://www.irs.gov/pub/irs-pdf/i1040tt.pdf

Randy

3uq96odaochmjPermalink Reply by 3uq96odaochmj on January 3, 2012 at 9:12am

Just don't send a check into the IRS.  DUH!!!!!!!!!!!!!!!!!!

Permalink Reply by FXEF on January 4, 2012 at 5:01pm

Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal: But lay up for yourselves treasures in heaven, where neither moth nor rust doth corrupt, and where thieves do not break through nor steal: For where your treasure is, there will your heart be also. No one can serve two masters, for either he will hate the one and love the other; or else he will be devoted to one and despise the other. You can not serve both God and Mammon.
—Matthew 6:19-21,24

This is an O&G discussion board, I will no longer feed the trolls.

Permalink Reply by Nancy LeNau on January 5, 2012 at 4:40pm

$$$$  Can do great things......like feeding the children thru out the world who are starving,do not have clean water and healthcare.  Nancy    1-5-2012.  Our gas can help many people. God Bless...The poor in Heart.

Permalink Reply by Billy Park Whyde on January 7, 2012 at 11:58am

 There are many things you can do to reduce taxes. One of course is to donate to a charitable non profit 501 (c) (3). but which one? Hey how about a anti fracking NON PROFIT? Yep the antis are getting money to destroy your rights as property owners while the doners are enjoying a tax break!

  I believe the reason the Oil Companies are not what I would say really SCREAMING out loud is they know the anti fracking movement will jump at the chance to label them as BIG BAD OIL. 

  I have been looking around and the anti fracking crowd are not a bunch of radical misfits. They are receiving funding and in some cases grants aimed for predetermined out come studies against fracking! Political pressure is another area where anti frackers focus attention. Blogs against fracking, news releases they jump on in a heart beat. 

  I do not know of a organized pro fracking movement as a non profit 501 (c) (3), if some one does please bring it to light. But I strongly suggest any donation you might give to a local food bank, red cross, or other, I would strongly recommend this donation made possible by hydrofracking be written upon the check. 

3uq96odaochmjPermalink Reply by 3uq96odaochmj on January 7, 2012 at 11:12am

just don't pay the tax man............then ya get to keep all the money.

Permalink Reply by David Perotto on January 7, 2012 at 6:17pm

Hi everyone,

Disclaimer: I have no experience with this idea!

 

One way to defer taxes is to establish a self directed IRA. This allows for real estate to be placed into an IRA. Any income from said investment then stays in the IRA. The account grows and no taxable income until retirement distributions. This allows the tax deferral & you can take income in a more gradual way - possibly at a lower tax bracket than one lump sum now. Below is a link for Guidant Financial, one such company that deals in self directed IRAS:

https://www.guidantfinancial.com/info/self-directed-ira-google.aspx...

 

I dont have experience with this, but have contemplated this option.

Have fun out their!

Dave

Permalink Reply by Gary Ball on January 8, 2012 at 2:30am

Dave do you know if you have to pay the taxs on lease money before the 15 January,like someone stated early, or before the 15 april

Permalink Reply by Jack Straw on January 8, 2012 at 5:03am

My understanding:

Estimated taxes on 4th quarter 2011 income due Tuesday 17 January (due to 15th falling on weekend).

Not paying estimated taxes (as and when due) could open one up to substantial penalties.

2011 Tax filing due 17 April.

Check out this IRS document:

http://www.irs.gov/publications/p505/ch02.html

 

None of the above should be construed as substituting for the advice of a qualified tax professional.

I would strongly suggest that you consult a tax professional, as soon as posssible,

All in my humble opinion.

 

JS

 

RSS

© 2024   Created by Keith Mauck (Site Publisher).   Powered by

Badges  |  Report an Issue  |  Terms of Service