Natural Gas

What taxes are owed on income received from a lease natural gas?

I receive a check from an exploration company natural gas to extract gas from the land that I own mineral rights. What percentage is due in taxes? Do I pay in advance the tax to the government, or can I wait until 2007 file my tax return?

You must pay an estimate for what is not penalized. If the tax liability is not within 15% of what you paid for the full year will have to pay fines.

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