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Tax Time

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macal

  • 9681
Tax Time
« on: April 11, 2017, 10:08:31 PM »
 
  Don't forget to take your depletion allowance off your royalty income on your Federal taxes. 'Depletion Allowance'. Thank you Big Oil.
« Last Edit: April 11, 2017, 10:34:12 PM by macal »

Re: Tax Time
« Reply #1 on: April 12, 2017, 09:07:56 AM »
"Depletion Allowance"  is a basic accrual accounting concept to recognize the gradual depletion of natural resource deposits such as coal, uranium, sulphur, oil, salt, gold, topsoil, clay, gas, timber, etc. 

"Big oil" whoever they are, did not invent, nor do they have a corner on, depletion. 

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macal

  • 9681
Re: Tax Time
« Reply #2 on: April 12, 2017, 10:28:53 AM »



  Well this fool really appreciates the tax savings regardless of who is responsible.