Oil Lease
Many landowners are signing contracts worth thousands of dollars to lease their mineral rights to companies like BP, Chesapeake and others. We have worked with hundreds of these landowners to minimize their tax burden, both in the year the lease bonus is received and beyond. Proper planning and tax strategy are crucial in order to ensure maximum tax savings.
There are many tools that can be utilized in order to minimize tax burden including:
- - IRA and HSA Contributions to offset your earned income
- - Utilizing Section 179 Deductions on your Small Business, Farm or Rentals
- - Taking advantage of Bonus Depreciation
- - Knowing what Taxes and Fees can be deducted directly from the Lease Bonus
- - Understanding whether you need to make estimated tax deposits
- - And More!
On many occasions we have been able to save Lease Bonus recipients THOUSANDS and even TENS OF THOUSANDS of dollars in taxes by utilizing tax strategies specifically geared toward their specific situation. If you have recently received an Oil Lease Bonus it is very important that you contact a tax professional as soon as possible and preferably before the end of the tax year in order to discuss which tax strategies will best fit your particular circumstances. We stand ready to help you achieve your goals.
Call today for a free consultation:
512/TAX-PRO1 (829-7761)
