Posted by CarolF/NC on 5/20/13 9:29pm
Msg #470661

This is the profit from some $70 signings

I hijacked this from another post. Are people really making a profit from these low paying jobs?

They're either delusional or irrational... If you split the difference between 60 and 65 miles, that puts round trip mileage at 125 miles. Multiply that by the $.56 per mile the IRS now allows as a deduction to cover transportation costs, and there's your $70. That leaves nothing to cover printing costs, let alone other expenses or any profit. Do they really expect notaries to provide them charity work? As someone else alluded to, they would certainly be paying much more to an attorney.

And I'm sure attorneys are not going to be constantly lowering their fees to undercut their competition. Most services there is a set standard fee. $50 for the plumber, $65 for the hairdresser, x per form and schedule to have your taxes done. Notaries are putting themselves out of business. Or at least that's how I see it.

Reply by Blueink_TN on 5/20/13 9:56pm
Msg #470667

Yep, yep, yep

With a 70.00 signing you might break even - if you need to return to the bo for a missed sig, initial, etc - you lose.

Reply by HSH/WA on 5/20/13 11:26pm
Msg #470670

Re: I've been able to bump fees lately after I see that

the signing is up in the mountains and/or 180 pages (per set) and/or has fax backs.

Reply by John Tennant on 5/21/13 12:08am
Msg #470674

Breaking even is not making a profit. n/m

Reply by PegiT_MN on 5/21/13 8:44am
Msg #470683

OMG.....I couldn't do this job if I had to drive 60 to 65 miles per closing. I can do four to five closings in a day and put less than 30 miles on my car. I am very lucky to be living in such a high density populated community.

Reply by jba/fl on 5/21/13 9:34am
Msg #470697

What IRS allows as a deduction is not the cost of operating a vehicle. The true cost is higher, so this job is a loss. Period.

http://commutesolutions.org/external/calc.html

Reply by KarenVentura on 5/21/13 11:29am
Msg #470726

Ok so I went in and did the math say each signing was 40 round trip (average for me) and the Govt says 56 cents a mile is my reimbursement but in calculating everything it looks more like 72 cents a mile is my expense. So for a signing that is 40 miles round trip is almost $30 right there. I won't accept these low fees either. Love that calculator by the way!

Reply by VT_Syrup on 5/21/13 2:11pm
Msg #470784

That website by jba/fl includes a value for the driver's time, and various impacts on society. But money for the driver's time (in our business the notary is normally the driver and self-employed) is profit, not expense. Also, the various impacts on society may already be included in gasoline tax, or it is not meaningful to include them as an expense in an accounting system. Personally, my expenses are a bit less than what the IRS allows, because I don't drive an expensive vehicle and insurance isn't expensive in my area.