What are the tax implications from the bonus and royalties?
I've heard that once you receive your bonus IRS will take 45% for taxes. What federal statute can this be found under?
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Permalink Reply by insomniacnla on -
I do not know the statute but I have spoken with 2 C.P.A.s both of which have told me that I will need to plan on paying 33% to 40% in state and federal taxes. I was also informed that once I receive the bonus check, I will need to make an estimated tax payment in the same quarter in which I receive the check in order to avoid any tax penalties. Apparently the lease bonus money falls into the category "rental income" and not capital gains.
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Permalink Reply by Nancy Taylor Ds2 on
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Do we have to pay taxes in Louisiana if you live in Texas?
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