Has any one found a way to reduce the tax bill once you lease you land?
Chet
Have the oil company pay an LLC, so that you can deduct expenses that you incur while managing your mineral rights. You may be able to deduct a percentage of your house bills for your office. Your internet bill, car, gas, computers and other expenses.
As an individual, you get money, pay tax and spend what is left. As a business, you get money, spend money and tax what is left. It's a little more complicated that that, but a good accountant and attorney can get you setup quickly, and the money it takes to do that will be a deductible expense.