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Posted by Kathy/NJ on 3/12/19 8:10am
Every year I have a problem with the IRS regarding this, so I'm hoping someone could just clarify for me. I understand that we take net profit minus the fees our state allows for notarizations, which gives net income for SE tax. On Schedule SE, line 3, do we put "exempt notary" with the amount, in parentheses, of the net profit minus the allowable notarizations fees? That's what the instructions seem to say. Then, in the column, the amount of the notarizations goes in (I'm using Turbo Tax). Thanks for your help!