Reply by Stephanie on 3/11/04 4:09pm
Msg #1126
I was under the assumption that SE taxes were not imposed on Notarizing docs., but rather on the additional tasks tyhat we fulfil, such as faxing necessary docs for conformation after completed w/signing, telephone communication with borrowers and assigning company - the time to travel to borrowers, copies if we make them along with other non-notarial tasks involved in a loan doc signing.
If you charge $100.00 - notarize 5 docs. - the value of the notary fees at $10.00 a sig is $50.00 (this is in CA) so the value of the fees for notarization are exempt from the SE taxes, but shoulod be part of gross income. The $50.00 for other administrative duties will be part of a total figure for your SE Taxes.
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Reply by Kelly on 3/18/04 1:29pm
Msg #1193
You are correct according to the Notary Certification course handbook. In the State of Florida, we are allowed to deduct $10.00 per notarization from taxable income. Many times we notarize 7-10 docs for a $50.00 fee, so there is no taxable income on those closings. I just learned this in 2003 and am considering going back on my returns for the last seven years and doing an amended return to get back some of the tax I have paid. I pay 43% of each closing in taxes.
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