I received a similar bonus on my 17 acres. I used Alice Frazier in Shreveport who is a C.P.A. at Heard, McElroy & Vestal, (318) 429-1525. She is experienced in these matters but what I liked most about her is how she instantly made me feel at ease and did not hesitate to take the time to explain and answer every question I had. She also gave me some options as to what I could/could not do to lessen the tax burden on the bonus. Her fee was very reasonable, only about $245 or so which included meeting with me and preparing the estimated tax payments for both state and federal. For me, I decided to just go ahead an pay what I owed, about $118,000 for both state and federal (myself and 1 child exemption). I am pretty sure that her husband is an o/g attorney also so she is well versed in what I needed.
But, even if you do not use her, you probably should speak to someone soon, your federal taxes on the bonus is due at the end of the quarter in which you receive it, not on April 15, 2009. If you wait until then to pay, you will be stuck with a hefty late penalty. Also, it will help reduce your federal taxes if you pay your state taxes on your bonus before the end of 2008. If you received your bonus in the 4th quarter, any federal taxes on it will be due Jan. 15, 2009.
Don't just take my word for it as I am not an accountant, just speak to one soon. I had heard that I may have to pay 41% for both state and federal so the 34% was nice to hear and I got to keep a little bit more of the bonus!
Hello everyone and may the new year be your best! I was wondering where exactly are we with lease-ing anything going on? Also is there someone to contact that needs to use acreage to store trucks and equipment etc. Looking to lease SUB-Surface rights. Thanks for all your help, beautiful site.
S28 T15N R16W 250.an acre 10acres in all.In 2006,expires in july.With Rising Star Energy first,then just last year we found out Chesapeke had bought our lease.No drilling yet not even pooled,but its getting close.Hope our lease runs out before they pool us. Wanda
As a landman for many years I don't make a bonus from getting a lease signed. I make a day rate only its the brokers that make the big bucks. They buy your lease and assign it to another company for a profit. Its been that way for years and will never change. As for dealing with a company force them to pay by cashiers check once your title had checked out. Our company has a no draft policy and seem to always have repeat business. Unlike many that lowball owners on royalty ect...Best of luck to all
North Bossier, Benton, Palmetto Rd, Just South of Cypress Baptist, Pad is being built, 19N-13W sec16.Lease is being offered by Southern Star, $750 25% on 3/4 acre. Rumor has it that 3/4 of this section is under an old lease at 3/16 share and it expires at the end of FEB. Any advice on my options will be most apprechiated.
You can take the offer or participate in well or go non-consent. If you participate you will have to pay your share of drilling costs up front. If you go non-consent and you are force pooled you will not be paid any royalty until SS gets all their money back from drilling, completion, and operating well but you don't have to put up any money up front. I would like to be in your shoes on this one. You could always lease and spend you windfall by buying about 1500 shares of SS stock. And, yes you are right about the old leases. Because I am a stock holder in SS I will not advise you. I bought the stock about a year ago and will probably buy more. I like their prospects in this old field. Their could be more options I have not thought of. Good Luck!
Thanks, for Ya,ll's imput. I did buy shares in SSEY.OB last week at .41. I'm still not real sure how to play this? I'm thinking that with the little acrerage I have in this, and as big as this well is supposed to yield I should probably particapate. But I'm also afraid this company may be a take over for larger companys, Maybe even better. This is above my head.
As exciting as this is, we know that we have a responsibility to do this thing correctly. After all, we want the farm to remain a place where the family can gather for another 80 years and beyond. This site was born out of these desires. Before we started this site, googling "shale' brought up little information. Certainly nothing that was useful as we negotiated a lease. Read More