| Welcome to the Notary Talk General Discussion Forum. Before posting, please read the |
You are replying to this message: | | Posted by VT_Syrup on 2/5/19 8:08pm
Tax issue:
What I've read about IRS classifying a business as a hobby only discussed the overall profit, not the profit subject to SE tax. If a person had $2000 overall profit, and reported that on Schedule C line 31, and also on Form 1040 line 12, but had 0 income from the notary business subject to SE tax, I don't know if that would be a reason for the IRS to classify the business as a hobby.
Even if they did classify it as a hobby, you still get to deduct your expenses from your "hobby" income. But if you have a loss, you can't subtract the loss from your other income. If it isn't a hobby, but you have one or two bad years, you would be able to subtract the loss from your other income.
Notary maximum fee issue:
The Uniform Law Commission's recommended law dosen't say much about fees; each state that adopts the law comes up with their own statute or rules about fees. So even if it is true that CO lets notaries charge for each act, not each certificate, that doesn't mean that when Vermont gets around to making rules, they won't set fees per certificate, or maybe a hybrid, like $15 for the first signer and $8 for each additional signer. |
|