Posted by PAW Notary Services on 8/9/03 9:33am
Msg #66

RE: #62 - Notary Income

Patrick, et al... Be advised that only the duly authorized fee for a notarization is exempt for SE taxes. Any and all other fees derived over and above the state allowed fee is fully taxable for both general income taxes and SE taxes.

As for mileage deductions, unless you are keeping very accurate records of every expense, I suggest that the IRS allowable 36¢ per mile calculation be used for your automobile expense.

Finally, don't trust the NNA to provide accurate information. Unfortunately, they are wrong more than they are right and all too often provide misleading information. For tax issues, go to the source... http://www.irs.gov and look in their small business section. There is a wealth of information regarding these and many other tax related issues.