Replies to This Discussion

Permalink Reply by Trenna on August 1, 2008 at 17:57

Pay the IRS and put the few cents left in the bank or eat at McDonalds :(

Permalink Reply by L.D. on August 2, 2008 at 10:24

Sad but true reply Trenna; I'm sure State revenues will tie up the majority and then there's the IRS (federal taxes) as well. Maybe I will buy a gallon or two of gas with all the $ left over... of course that will be taxed as well.

Permalink Reply by JONESER on August 2, 2008 at 14:16

Your both right but Uncle Sam ain't gonna get 90% of it.

At worst Taxes will only 40%....That still leaves you a couple grand.

Permalink Reply by po boy on August 2, 2008 at 14:32

Capital Gains tax,+state tax will gobble up almost half> talk with your banker or a good financial planner . There are many options that reduce this and insure your future monies will go where you want then to. And pray that the DEMS lose congress.

The best way to reduce tax liabilities is charity donations,

Permalink Reply by JONESER on August 3, 2008 at 5:23

I agree on the elections...

Permalink Reply by Gabby on August 4, 2008 at 15:02

Anybody got any legit/legal suggestions for reducing the tax liability on signing bonuses and royalties?

Permalink Reply by L.D. on August 3, 2008 at 7:35

I agree with the election's as well. Maybe we could all donate the money back to Twin Cities development/Chesapeake energy. That way they could continue to purchase OG&M rights from landowners for $5500.00 per acre, and resale them to other mineral corporations/oil companies for 30K+ per acre, not to mention their share of royalties they keep for themselves during these transactions. Very sad situation for the landowners, and true meaning behind the fact "The rich continue to get richer".

Permalink Reply by Linda on August 4, 2008 at 19:21

According to the tax specialists I have read about lately over all we will pay in 41% from gross pay of the bonus and royalties. Anybody know what the real deal is about donating to charities though? Seems to be a pretty good play in tax pay back being that we are reading where chesapeake and petrohawk and always donating some good money every other day. Oh and for the real discussion, I am going to make home improvements, pay off some bills, and and go for a spa treatment, all this worrying about this stuff has made me tired, lol.

Permalink Reply by Army MP Wife on August 5, 2008 at 5:48

If we have, say 10,000 after taxes, one of my last two credit card balances (the higher balance) will get paid off or I can pay off the other credit card & finally do a couple of minor home improvements. May even be able to pay that higher balance AND do the minor improvements! Anyway it goes, we'll be able to do something we really need to!

Permalink Reply by po boy on August 5, 2008 at 9:16

If 1099 s are sent out you may also have to pay social security on it.

Permalink Reply by kfly on August 5, 2008 at 9:05

For most people, the money isn't going to change where you live or how you live. It might change where you go out to eat! someone not very famous said that because I can't remember who it was.