Posted by Cross - Tammy on 8/11/05 10:12am
Msg #58283

NOTARY VERSUS SIGNING COMPANY

hi i have my own mobile notary business, what is the difference between me and being an actual signing company. or are we the same except for the name.? help i hope i dont seem stupid but i have gotten some really great help from reading messages from this notary talk room. thank you ahead off time for the info. t cross

Reply by lynn on 8/11/05 10:15am
Msg #58285

The difference would be if you had other people working for you , I think !!

Reply by Kiso on 8/11/05 10:19am
Msg #58287

The difference between a signing service and your notary business is that the signing service contracts notaries to go to borrowers homes. If you have your own notary business, yes you are being contracted by the signing service (that's how you gain your business) but when they pay you, you mark down everything you are paid to file your taxes when that time comes........and because you are in your own business you get to write off just about everything.....mileage, car maintenance, food, computers, software, business cards, pens, even shoes, business attire, etc.......all writeoffs. That's one of the great advantages of a business! Hope that answers your question...

Reply by thnotary_NY on 8/11/05 10:36am
Msg #58289

At least most of that.

Reply by JPS_CA on 8/11/05 10:59am
Msg #58292

If you take mileage deductions so you can not take car maintenance deductions
You can not take out cloths deductions unless you use uniforms.
You can not take food deduction unless you are out of your working area and you have to sleep overnight somewhere else. I guess nobody takes assigments that needs to sleep in a hotel.

Reply by thnotary_NY on 8/11/05 12:17pm
Msg #58315

You can't count clothes, as in uniforms required by employer. Even if you wore the same suit to every signing, it still can be worn outside of the appointments to other events.

Reply by Roger/OH on 8/11/05 12:44pm
Msg #58323

Clothing write off

I had golf shirts made with my company name embroidered on the breast that I wear to every signing. Looks professional, instills borrower confidence, and you bet it's a writeoff.

Reply by Brian/CA on 8/11/05 2:25pm
Msg #58359

Re: Clothing write off

That's a good idea. Where do you get them? Maybe they have something the women could wear also.

Reply by Roger/OH on 8/11/05 3:10pm
Msg #58366

Re: Clothing write off

I get the shirts at Kohl's and have a local seamstress embroider them. I did check with my CPA; he doesn't deduct them as a clothing expense, but as advertising. Still works well with borrowers.

Reply by TaxPro on 8/11/05 2:20pm
Msg #58355

Sorry, no business attire or shoes, unless you're talking about special uniforms that aren't suitable for street wear. This has been tested in tax court and in audits time after time, and the taxpayer lost every time. Normal business clothes don't qualify because they are suitable for everyday street wear, nor does the expense of cleaning them. Also, you can take mileage OR actual auto expenses, such as maintenance, gas, insurance, depreciation, etc. If you take mileage, the only other auto expenses allowed are property tax and interest. Just in case anyone's interested.

Reply by TitleGalCA on 8/11/05 2:23pm
Msg #58356

Thx for info Tax Pro - are you in CA? ~n/m

Reply by TaxPro on 8/11/05 2:24pm
Msg #58358

Re: Thx for info Tax Pro - are you in CA? ~n/m

No, I'm an enrolled agent in Kansas City.

Reply by NY_TaxLady on 8/11/05 5:09pm
Msg #58402

TaxPro

I am glad you got the Enrolled Agent in.

Reply by TaxPro on 8/11/05 5:45pm
Msg #58410

Re: TaxPro

Whoa, chill. Since this isn't a board for tax people, I really didn't think most would know what an enrolled agent is, much less get upset about it. I have just been an EA so long that when discussing my tax credentials, it's natural for me to say "enrolled agent", just like someone on this board might say "certified signing agent." I'm sorry if I offended you. I guess you must be very sensitive and insecure.

Reply by HisHughness on 8/11/05 2:36pm
Msg #58363

Years ago, TV variety show hostess Loretta Young claimed many of her gowns as deductions on her taxes. IRSA disallowed the deduction. Young challenged the IRS ruling, saying that some of the gowns, costing up to $3,000 each, were specially tailored for the show, and that many she couldn't even sit down in. So, IRS sent out a tax auditor, who inspected each of the gowns while Young was wearing it. If she could sit down, the deduction was disallowed.

Now, that's really being the butt of IRS abuse.

Reply by NY_TaxLady on 8/11/05 5:04pm
Msg #58400

You got it right Taxpro. No lunch, no cleaning,no over night stays unless you are a great distance from your office, so no free vacations. Maybe this isn't the right business. we all will have to pay taxes if all those SS pay us.

Reply by Charles_CA on 8/11/05 11:33am
Msg #58302

Yes, No and Maybe

A notary is a public official who acnkowledges signatures and in in varous states is allowed to do some other things. The notary is (at least in California) comissioned by the Secretary of State to act on behalf of the Secretary for a limited number of things to provide a service to the public. The signing services are merely an intermediary who provides the Title company or lender the service of finding a notary and contracting with the notary for a service. The Signing Service is merely a clearing house for the notary work. A signing service can not be a notary unless it is an individual who has become a notary, any notary who wants to can try and become a signing service. If you read these posts carefully you will find that a number of notaries are going out and getting their work directly from the title companys or lenders and are doing very well indeed, cuttingout the signing service and get paid more as a result.

Signing service provide a service to the title companies and lenders and also to notaries who eithere can not or will not seek out the work directly. Hope this helps.

Reply by kellico on 8/11/05 11:49am
Msg #58309

Re: Yes, No and Maybe

how would you market to a title company

Reply by Charles_CA on 8/11/05 2:15pm
Msg #58352

Re: Yes, No and Maybe (doughnuts help)

Lookin the phone book under Title Companies
Pick up the pone and call the Title Company
Ask who purchases notary services
Find the address of the title company
Send a flyer to the Title company and any Title officers or assistants you may know
Stop by the title company and leaveflyers at the title company desk try and meet officers or assitants (doughnuts help)
Repeat once a month or more
Get to know real estate agents and engage in talks about title services
Keep doing this until you become fabulously wealthy

Reply by TitleGalCA on 8/11/05 2:18pm
Msg #58354

No, No, No! to doughnuts, Charles!

Please. Bring Metabolife or a veggie tray instead to offset all the other doughnut carriers. My bathroom scale will thank you.

Reply by Merry_CA on 8/11/05 3:30pm
Msg #58371

Tammy, When you say you have a Notary business do you mean you have other notaries working for you?

Reply by t.cross on 8/12/05 1:29am
Msg #58480

it is just myself right now but my husband is getting his notary as we speak. and we are gonna hire some notaries in the tenn area .and start there then see how we do ..what are the going rates that you all charge for the closings? base fee? edocs? and so on
how much do you charge if you are dealing straight with the title company?
also do you all charge a higher fee if you are closing a 1 and 2 for the borrower at the same time or no? any help would be grealy appreciated...tammy