#005: The Steps You Need to Take To Reduce What You’re Paying in Severance Tax with Sarah Magruder

 


In today’s episode, Sarah Magruder, President of Safire Oil and Gas Consulting, breaks down some of the confusion and misconception surrounding severance tax. She talks about how important it is for all team members to have knowledge surrounding every aspect of the oil and gas process, and how that can help reduce overall severance tax payments.. 

Highlights:

2:57 What is severance tax?

5:30 Why some states have a lower severance tax

10:14 Two ways to reduce your severance tax

23:45 The importance of seeing the big picture in oil and gas

32:26 Understanding what you’re paying for

32:26 Knowledge is key when it comes to reducing overpayments

35:31 What to do in the case of an underpayment

38:19 Steps to take to reduce your severance tax

About Sarah Magruder:

Sarah Mcgruder is President of Safire Oil and Gas Consulting, a severance tax consulting group based out of Houston, Texas. Sarah holds a bachelor’s degree in finance from LSU and her MBA from the University of Houston. Sarah spent her almost 19-year career in severance tax, splitting her time between working directly in medium and large oil and gas companies. And as an outside consultant, is an active member of the Petroleum Accounting Society Houston, where she chairs the golf committee and is a presenter at the revenue committee, as well as an education day sponsor and presenter. Sarah has also been a speaker at numerous COPAS meetings from outside of the Houston area and presented multiple times at the API severance tax forum. She lives in Montgomery, Texas with her husband, four year old son, five horses, and two dogs.

Sarah can be contacted via email: [email protected].

Safire Oil & Gas Consulting’s website is www.safireogc.com.

About SherWare, Inc.

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SherWare creates software to simplify your accounting needs so you have more time to do the things that matter. We serve independent oil and gas operators, accountants and investors with a platform to manage their distributions and joint-interest billings on a platform — and we’re the only software on the market that can integrate with your QuickBooks company.

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About COPAS:

COPAS provides expertise for the oil and gas industry through the development of Model Form Accounting Procedures, publications, and education. We are a forum for the active exchange of ideas which result in innovative business and accounting solutions.

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I wanted to understand every single penny that I was paying to the state. Why am I paying this and is there a way I can reduce this?

If you don’t set up some checks and balances in place, you’re just going to keep doing the same thing over and over, you’re going to keep overpaying your tax, and then when you get a chance going back and getting a refund

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