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Re: If you could earn more and pay less SE tax would you?
Posted by  VT_Syrup of VT on 2/5/19 8:08pm Msg #602886
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.
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Messages in this Thread
 Colorado Notary Question-SE Tax - Brandi Solano on 2/3/19 10:13am
 Good question. No authoritative answer. - Lee/AR on 2/3/19 12:08pm
 Do you complete and stamp one jurat or two? - Linda_H/FL on 2/3/19 12:21pm
 wow, Linda, not so in Oregon! Its the number of people. -  sigtogo/OR on 2/3/19 1:19pm
 Not sure if we'd get away with that here in FL - Linda_H/FL on 2/3/19 1:59pm
 Re: wow, Linda, not so in Oregon! Its the number of people. - Brandi Solano on 2/3/19 2:19pm
 Ack/jurat certs are PROOF of the notarial act - LisaKT/CA on 2/3/19 4:29pm
 Re: Do you complete and stamp one jurat or two? - LisaKT/CA on 2/3/19 2:06pm
 Re: Ive always done as Linda since early 1990 - Carolyn Bodley on 2/3/19 6:37pm
 think of all the taxes you may have unnecessarily paid :) -  sigtogo/OR on 2/4/19 3:51pm
 Re: How so? - Carolyn Bodley on 2/4/19 8:43pm
 Re: Correction one certificate /one act // not one doc n/m - Carolyn Bodley on 2/4/19 8:45pm
 If you could earn more and pay less SE tax would you? -  sigtogo/OR on 2/5/19 12:42am
 Re: If you could earn more and pay less SE tax would you? -  VT_Syrup on 2/5/19 6:47am
 Re: If you could earn more and pay less SE tax would you? - LisaKT/CA on 2/5/19 6:58pm
 Re: If you could earn more and pay less SE tax would you? -  VT_Syrup on 2/5/19 8:08pm
 Colorado Notary Fee CRS 24-21-529(1) - ABC Legal Docs, LLC - Jerry Lucas on 2/3/19 6:09pm
 Found this interesting - Luckydog on 2/3/19 8:25pm
 #2 page 5 IRS sorry n/m - Luckydog on 2/3/19 8:26pm
 I'm confused by your post. The deduction for SE tax is a -  MW/VA on 2/4/19 10:21am
 Possibly focusing on the wrong question? -  JanetK_CA on 2/4/19 2:56am
 Re: Colorado Notary Question-SE Tax -  Doris_CO on 2/4/19 11:04am
 Colorado Notarial Acts CRS 24-21-502(6) - ABC Legal Docs, LLC - Jerry Lucas on 2/4/19 12:38pm
 While I reach same conclusions as you Jerry, it seems... -  sigtogo/OR on 2/4/19 3:35pm
 Colorado Notarial Acts - ABC Legal Docs, LLC - Jerry Lucas on 2/4/19 4:00pm
 Re: ABC - Carolyn Bodley on 2/4/19 5:02pm
 Colorado Notarial Acts CRS 24-21-502(6) - ABC Legal Docs, LLC - Jerry Lucas on 2/4/19 10:48pm
 Re: Colorado Notary Question-SE Tax - Carolyn Bodley on 2/4/19 4:52pm
 Re: Colorado Notary Question-SE Tax - LJCA on 2/4/19 7:57pm
 My last .02 FWIW...about the suggestion to - Linda_H/FL on 2/5/19 6:18am
 Re: My last .02 FWIW...about the suggestion to -  JanetK_CA on 2/5/19 2:03pm
 Well agree to disagree - LisaKT/CA on 2/5/19 6:37pm
 CA Handbook & Newsletter defines notarial act - LisaKT/CA on 2/4/19 11:46am
 Colorado State Archives Charges $10 for Notary Services - ABC Legal Docs, LLC - Jerry Lucas on 2/5/19 12:32pm



 
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