natural gas exploration companies

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

I will receive a check from a natural gas exploration company to extract gas from land that I own the mineral rights to. What percentage will be owed in taxes? Do I need to prepay the tax to the government, or can I wait until I file my 2007 tax return?

You should pay some estimate so you don’t get penalized. If your tax liability is not within 15% of what you paid in throughout the year you’ll be liable for penalties.

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