Posted by Carol/MI on 8/9/05 3:36pm
Msg #57899

All Inclusive/Itemized

Some of you mention quoting an all inclusive fee. When you send an invoice, you wouldn't break it down on that either? What are the advantages to not itemizing?

And a related question to that is.... If I quote $75 for a signing plus $25 for edocs, and then it turns out each borrower's signature is notarized six times, how much of the signing is free from self-employment tax? Would it be all $100 (MI is a $10 state) or only $75 if I itemize (since the edoc fee is listed)?

Thanks.

Reply by Mike/NJ on 8/9/05 3:56pm
Msg #57901

I would suggest seeking an accountant and they can guide you for what best fits your needs about taxes.

When it comes to billing I list Signing/edoc ----$xxx.xxx or Signing -----$xxx.xxx I don't break down signing fee and edoc fee, its all income. That's what works for me though.

Reply by BarbaraL_CA on 8/9/05 5:40pm
Msg #57917

I show "Loan Signing (overnight docs) $$$.$$ or "Loan Signing (e-docs) $$$.$$

As for notary fees, CA is $10 each also. If the total notary fees exceed the all-inclusive fee I only use the all-inclusive fee as what is eligible for not paying SE tax on. If the notary fees are less than the all-inclusive fee then I only use the total notary fee for eligibility for not paying SE tax on.

Remember, you are talking SE tax here. You still have to pay Federal and State tax on your entire earnings.

Reply by Julie-mi on 8/9/05 10:13pm
Msg #57960

Very rarely do I have to invoice. when I do, it's inclusive regardless of the client. I only keep the check stub, I do not keep the invoice once I receive the check.

In my so-called journal, I write down in my chicken scratch, the total of docs I notarized. This is for tax purposes. This system has worked for me in the almost 5 crazy years I've been doing this.

Reply by caroleMI on 8/10/05 9:11am
Msg #57998

Carol ande Julie where about in Michigan are you two?

Reply by Carol_MI on 8/10/05 11:32am
Msg #58043

I am in Hamilton (Allegan County) but close to Holland (Ottawa County).

Reply by Julie-MI on 8/10/05 1:38pm
Msg #58083

Are there 2 Carols in MI? It appears so!

I'm in Macomb Township, Macomb County.

Reply by caroleMI on 8/10/05 3:45pm
Msg #58129

Julie: I just moved back to Barry County in 2002, lived in Harrison Township. My husband was an attorney prior to his death 4 years ago Friday.

Reply by caroleMI on 8/10/05 3:48pm
Msg #58132

Carol:

I'm in Barry County south of Hastings and north of Battle Creek. Maybe we could get together at the ice cream place at Gun Lake sometime. Also, I only do Plainwell and Otsego in Allegan County because of the distance. E-mail me you info and if I get a call for a signing over your way I'll have them contact you.