Obviously, as a Notary Public, a public service that is "personal" to you and whose "notarization income" is not subject to SS tax, you must be bundling other services into your corporation. A single-member corporation won't protect your Notary Public services from liability (not an attorney or legal advice) and, as stated, the additional paperwork and taxes for your travel fee and income tax on $10 (I think that's your state maximum fee) to me doesn't justify the expense. Just an opinion that the "Schedule C" route on personal income tax forms was the cost-effective route for many of us whose other book of business is as a "signing agent" that includes notarizations (broken out from signing agent income).
As said, if your business is something more than "notary work", your CPA and your attorney have worked together to come up with a good tax plan for your business structure. My guess is a review of your business plan and prior years' tax filings made this change worth the costs because it results in minimizing your annual state business filing fees and taxes, federal taxes, and personal liability for your other services. |