Taxes for Oil and Gas

Taxes for Oil and Gas Landmen

We provide this service to assist Independent Petroleum Landmen, we help you stay on the good side of IRS. As competent Tax Preparers, we work for you, NOT the IRS. We work round the clock to give you Landmen all of the tax write-off’s you deserve.

We have a simple but comprehensive strategies that you as an Independent Landman can implement to save money on your taxes. We provide competent Tax Planning and Resources to set yourself up to maximize your tax savings..

METHOD FOR REPORTING INCOME AND EXPENSES

Most land men are cash basis taxpayers thus they can benefit from controlling the cash in-flows and cash out-flows. Under cash-basis accounting, income is recorded only when received and expenses only when paid, regardless of when either is actually incurred.

Some common methods for reporting income and expenses include:

Completed contract: Income must be reported for the tax year in which a long-term contract is completed or terminated.
Exempt percentage completion: Income is reported on a "rolling" basis via a calculation that multiples the total value of the contract by an accurately determined "completion percentage."
Accrual method: Income is reported in real time through point-of-payment logging of income, expenses and administrative costs

MOST COMMON BUSINESS TAX DEDUCTIONS

Landmen who work as independent contractors can take advantage of a complex but generous framework of deductions and credits. Some of the most popular include:

  • A home-office deduction that allows landmen who work out of a residential office to deduct a portion of their rent or mortgage payments
  • A travel expense deduction that applies to landmen who work on short-term projects
  • Deductions for meals and incidental expenses that arise in the course of a project
Several other deductions may apply to landmen in specific circumstances. It's best to check with us to determine eligibility.

We serve oil and gas clients (specifically Landmen) from Oklahoma, Texas, Colorado, Wyoming and throughout the entire country. Contact Us today and we will be happy to assist you with all your Tax and Accounting needs.