Posted by nancykay_mo on 2/7/09 3:22pm
Msg #276839

help

I have forgotten the business number for my schedule c on my tax return to save se employment tax

Reply by NJW/FL on 2/7/09 3:30pm
Msg #276841

If you mean box B on the schedule C, I use 561490. My software then has a notation for the SE schedule that prints Exempt-Notary on line 3 to the left of the total line.

Reply by nancykay_mo on 2/7/09 3:36pm
Msg #276842

thank you that is the number I was looking for. I know that notary fees are exempt but need the number to match to make it work that way. THanks again.

Reply by NJW/FL on 2/7/09 3:37pm
Msg #276843

You are welcome!

Reply by hp/MD on 2/7/09 8:21pm
Msg #276865

NJW/FL, PAW is correct. I thing you are using the wrong code. 561490 is for (Establishments (except offices of lawyers, attorneys, and paralegals) primarily engaged in providing arbitration and conciliation services are classified in Industry 541990).

Reply by NJW/FL on 2/9/09 2:32pm
Msg #276921

I have been a tax preparer for 15 years and have always used this code as instructed by the IRS. Also the codes are a guideline from what I was told and many times the code 999999 is used without any ill effects upon the people using it. I had the opportunity to work with a man that worked for the IRS for 25 yrs and another gentleman that has been teaching tax classes and preparing taxes for over 40 yrs. I did learn this from them and I am speaking from that standpoint, not as a "know-it-all."

Reply by PAW on 2/7/09 7:16pm
Msg #276855

Notary Public Services is 541199

Per the NAICS codes:

NAICS code is 541199. The SIC code is 7389 for notary public services.

http://www.naics.com/censusfiles/ND541199.HTM

Reply by parkerc/ME on 2/8/09 11:41am
Msg #276877

Re: Notary Public Services is 541199

I don't see 541199 listed in the Business/Activity Codes in the 2008 Schedule C instruction book.

Reply by PAW on 2/8/09 7:39pm
Msg #276900

Not all codes are listed in the Sched C instructions n/m

Reply by parkerc/ME on 2/9/09 8:21am
Msg #276905

Re: Not all codes are listed in the Sched C instructions

I see. I googled for NAICS Codes (as you indicated in your previous post) and it did come up for Notaries. Ah, well, I had already files using 541990 for this year (per someone's earlier post), but will make a big note for it next year. Thanks, PAW!

Reply by BobbiCT on 2/9/09 9:28am
Msg #276907

Code you use can depend on your state ...

In CT a Notary Public can ONLY charge $5 per notarization and 35 cents per mile for travel.

I don't use the notary code because notarizations are ancillary services to my signing agent business; i.e., I am not limited by statutory fees as a "notary," but have the ability to charge a higher mileage fee, copy and printing fees, dropping packages in USP or FedEx, faxes, etc. (none of which are part of the "public official" duties as a "notary public" in CT).

I recommend checking with your accountant when deciding which business code fits your business model best. If you are "only a notary public," give your accountant ALL the details of your business, most are not familiar with each state's statutory limitations as to what a PUBLIC OFFICIAL (aka notary) can can or cannot charge. For example, California has NO limit on mileage fees.

Reply by parkerc/ME on 2/9/09 5:50pm
Msg #276958

Re: Code you use can depend on your state ...

Good point Bobbi. Forgot about the whole "notarization act" vs. other fees part of the signing agent income. Guess I'll just stick the same code I've been using.

Reply by MW/VA on 2/8/09 5:09pm
Msg #276894

Re: Notary Public Services is 541199

I also use 541199.

Reply by NJW/FL on 2/9/09 2:40pm
Msg #276922

Re: Notary Public Services is 541199

I guess I should start using 541199. We can learn so much sharing info. But as I stated earlier, no harm would ever come of using the incorrect code. Thanks for sharing everyone!