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Tuesday, January 22, 2013

Healthcare Act Imposes 3.8% Extra Tax on Oil & Gas Bonuses & Royalties

From the Pittsburgh Business Times:
People subject to the tax — or surtax, as Adams calls it — have an adjusted gross income above $200,000 for single filers and $250,000 for married couples.
That means if your income fits that description and you sign a gas lease this year or after, your bonus payment will be taxed at the regular income tax rate plus another 3.8 percent. Same goes for any royalty checks you receive from gas that’s already flowing.
Read the whole story here. 

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