I have prepared income tax returns for other notaries and when the cost of operating the car is greater than the actual income, I wonder why the person is still in business? Considering the cost of a business license, E&O, paper, printers, etc, the end result is a large net operating loss (NOL). At which point does the IRS consider a business to be a hobby? What are the costs of the notary to fight the IRS? Is this when there is one less notary taking low fees?
I don't know, but I see this happening to more notaries in the future. |