Posted by pat/WA on 1/8/11 5:15pm
Msg #367661

notarizations

What is the tax benefit if we keep a record of the number of notarizations we complete?

Reply by Les_CO on 1/8/11 5:29pm
Msg #367662

There is no tax benefit that I know of…..However keeping exact records would be a benefit in case of an IRS audit. Especially if you are not declaring the notary (only) fee as earned income subject to witholding. JMO

Reply by Linda_H/FL on 1/8/11 5:36pm
Msg #367663

Well, for one, keeing a record of the number of

notarizations you complete is the only way you'll know how much is exempt from SE tax.

At the end of the day, it's also better record keeping - you know how much is attributable to statutory notary fees and how much is "service" fees (costs and expenses)...

Reply by MW/VA on 1/9/11 8:46am
Msg #367727

If you keep a journal you have a record of the no. of

notarizations you perform. It is important if you take the exemption from SE tax.
BTW, not everyone does that if they are concerned about accruing ss benefits later.