BONUS MONEY!

FINALLY GOT OUR BONUS MONEY KIND OF SAD THOUGH ON HOW MUCH TAXES YOU HAVE TO PAY THE GOVERMENT WHEN ITS OUR LAND. WE PAY THE PROPERTY TAXES AND WE PAID FOR OUR LAND. IM STILL GRATEFUL FOR THE MONEY JUST CANT UNDERSTAND HOW THE GOVERMENT HAS TO STICK THERE NOSE IN EVERYTHING.WE SIGNED BACK IN DEC 2011.

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Permalink Reply by Tanya Gabriele on June 12, 2012 at 5:09pm

Are you listed in the telephone book?  How do we contact you.

Permalink Reply by Oliver Perry on June 13, 2012 at 12:25am

Tanya,

Send him a private message thru this board. Click on his user name to do that.

Permalink Reply by Steven Kacerski on June 13, 2012 at 7:57am

My office number is 330-533-9777.  I work for Packer Thomas in Canfield.

Permalink Reply by Tanya Gabriele on June 13, 2012 at 11:00pm

Thanks.

Permalink Reply by Bluflame on May 7, 2012 at 1:34pm

   For those of you who are self-employed and paid 2011 estimated taxes, you may be able pay 110% of the actual taxes you paid in 2011 as quarterly estimated taxes for 2012 and will not be penalized on 4/15/2013 when the balance is due. This is called "safe harbor" and is designed for people whose earnings are unpredictable. The rule doesn't avoid paying taxes on your bonus, only delays the big hit to the 11th hr.

   I'm in this situation and therefore know a bit about it. But, I'm no tax "expert". Therefore, please don't take my word as "gospel" and consult your tax advisor. I'm sure there are nuances with which I am unfamiliar.

BluFlame

    

  

Permalink Reply by Steven Kacerski on May 10, 2012 at 7:41am

BluFlame,

 

You are correct.  There are two methods of making estimated tax payments.  A taxpayer can use the safe harbor method and pay in 110% of their prior year tax to avoid underpayment of estimated income tax penalties.  This can be done through income tax withholdings and/or making separate estimated quarterly tax payments.  A person would use this method if their prior year income was substantially less than what they expect to earn in the current year.  This would be the case for most of us who receive lease bonus payments in 2012.  A person can still make estimated tax payments, even if they have paid in enough through withholdings, but I'm not sure who would want to give their money to the government interest free for up to a year before they have to.

The other method is to pay in 90% of the expected current year's tax to avoid underpayment of estimated income tax penalties.  This method would primarily be used by taxpayer's whose income will decrease in the current year from what they earned in the prior year. 

 

Permalink Reply by Steven Kacerski on May 11, 2012 at 2:37am

Ridgeman,

 

Yes, there are solar and wind energy credits available of up to 30% of the cost of the project.  The same credit applies to geothermal projects as someone else noted later in this discussion.  The project must be completed and ready for use by the end of the year to take the credit in 2012, so don't delay if you're looking to take advantage of the credit in 2012.  The credit is a dollar for dollar reduction in one's tax and any unused portion of the credit can be carried over to the following year.  

Farmers can take further advantage of these projects through depreciation if they use these systems on their farm.  This would allow them to recoup their costs of installing these systems much quicker and save on their taxes this year.

There may be potential tax savings from investing in an operating interest. I have had clients do this in the past with some success.  You will definitely want to do your homework and not make a decision solely on saving taxes. 

I hope this helps.  If  you have any questions, let me know.  I'm a CPA, farmer and have land that was just leased so I'm actively involved in tax planning for myself and my clients related to the oil & gas activity.

Permalink Reply by Bluflame on May 11, 2012 at 3:07am

Steven,

  Rumor has it that Aubrey McClendon has a few Utica "operating interests" he'd like to unload!

BluFlame

Permalink Reply by Ronald b. nicklow on July 30, 2012 at 4:09am

Steven,

I  give some credence to what I read on this site, however, you being a CPA,

in the area of Natural Gas leasing, I would like to contact you personally.  Please give me the information which is necessary to do so. 

 

My brother and I have leasing rights on 365 acres located in Bullskin Twp., Fayette Co., PA .

General Partner

Bullskin Properties

RBN

Permalink Reply by Steven Kacerski on July 30, 2012 at 4:34am

Ron,

I just sent you a friend request and included a note with my contact information. Please let me know if it doesn't come through.

Permalink Reply by Bluflame on May 10, 2012 at 11:27am

Steven,

 Thanks for the confirmation.

Bluflame

Permalink Reply by Frank Walker on May 7, 2012 at 6:51am

I always liken the bonus payment to a snake swallowing a large animal whole.  You can watch the swallowed animal as it progresses down the snake's body, forming first a large then an ever smaller bump as it is digested.

Years ago there used to be a tax code provision called "income averaging" that allowed for huge, but one time, income events to be averaged over several years.  This was much more fair to average folks like us who become rich, but for just one year, and thereafter return to their previous, normal income.  That's probably why Congress did away with income averaging.  It made too much sense and it was too fair.  

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