Posted by KathyB_PA on 1/19/05 9:01pm
Msg #17402

Mileage charges

Does anyone have suggestions on how to charge for mileage? I am willing to travel for signings, however I do not know what a fair rate is. I know I have to take into consideration the price of gas, wear and tear on my car, and so on. Any comments or suggestions will be appreciated.

Reply by Vicki/MD on 1/19/05 10:28pm
Msg #17408

Hmmm, I don't really charge by the mileage. Tough call. I"m not in a situation where I would typically go very much over 15 miles one way, given the geography around me and my personal choice to avoid assignments with significant distances. What I do, though, is give my standard fees, and if the location is more than about 15 miles away I up the price by about $25.00, give or take, depending on distance, timing, who's asking and perhaps my mood.. Another thought is to determine how much money you want to earn per hour on the job. Start with your normal fees. Say if you usually get $125 with e-docs for something that would take you maybe a total of 2 hours round trip (including driving, time at borrower's home, printing docs, fax backs, dropping off the package, etc.), then calculate accordingly for longer periods of time. Not sure if that method would price you out of the market or not. I guess it depends on the number of other notaries located closer to the assignment in question, and their availability. Hope this helps...

Reply by Paul_IL on 1/20/05 2:51am
Msg #17424

I do not figure my fees based on mileage. My fees are based on my time and for simplicity I have my fees broken down into a fee based on the county plus $50 for eDocs(single loan signed & borrower copy) for both refi's & HELOCS. If a purchase close the fee is considerably higher. My fee will also vary based on time of signing. Once did a 3am closing at a truckstop for an over the road driver on his way through the area, That was a very profitable night!
Remember time is money so figure out what your time is worth.

Reply by PA Notary on 1/20/05 9:27am
Msg #17440

For years I have weighed this question. The title co. that gives me 80% of all the closings I perform finally got together with me and offered me $150.00 per close regardless of distance.
I generally restrict closings to no more than 100 miles one way, but I also get $150.00 for a closing 2 doors down from my house. Needless to say, the arrangement has worked well for me.

Reply by IZZY in CA on 1/20/05 11:05am
Msg #17451

The IRS has increased the rate for mileage reimbursement to 40.5 cents per mile in California, i don't know if it's the same for other States

Reply by JanetK/CA on 1/21/05 2:56am
Msg #17568

I'm sure most people have figured this out, BUT... the IRS is a federal agency with national jurisdiction, not state, so California has nothing to do with the mileage reimbursement amount.

The California state taxing authority is the Franchise Tax Board. As an independent contractor, you should be knowledgeable about both agencies - and be paying quarterly estimated taxes to both, unless this is a sideline and you have enough deductions from your salary to cover the additional income. Please get advice from a tax professional!!