Posted by Anonymous on 5/25/04 3:31pm
Msg #2288
What can you claim as a write off at the end of the year?
As a Signing Agent/SubContractor, what can you write off at the end of the year and what receipts/bills, etc. do I need to keep?
I know I will get a 1099 from the company I work for, but is it possible to "0" out at the end of the year?
I really would like some in put on how you do things.
And is there a Web Site that I can go to, to find out more?
I know I can get an accountant, but any advice would be appreciated!
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Reply by Tammy Jurgens on 5/25/04 3:46pm
Msg #2290
You can write off part of your mortgage or rent for your home office space as well as a portion of your utility costs (gas, electricity, water, etc).
Your cell phone bills, internet access bills (AOL, DSL, etc), your supplies (paper, pens, pencils, ink, etc).
You can take a 172 deduction for computer, printer, fax equipment and the actual cell phone you buy.
You can write off either the mileage deduction or actual costs for your car based on the mileage used (parking fees, toll fees, oil change, maintenance, repairs, gasoline, tires, etc.)
You can write off any business licenses, association dues, subscriptions related to being a notary.
Your business cards, brochures, advertising, website, email, etc.
Postage and messengering costs.
Bank fees related to your business. Interest costs on any credit card or business loan related to your notary business. (I have a capital one business visa card for example that I use for purchasing supplies, all interest is deductible).
And remember you DON'T pay any federal self-employment taxes on the income generated from the actual notarization of signatures (ie -- signing pays $100 -- you notarize 6 signatures @ $10 per signature--which is our limit in California-- $60 does not get taxed with self-employment tax)
There may be more but that is all I can remember off the top of my head. Do check it out with an accountant because you can save a lot on taxes through the deductions. Just make sure that you keep well written records of all the deductions you plan to take along with any receipts. Good luck.
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