Posted by Gloria Roque on 4/12/06 12:47pm
Msg #113046

Journal

Can you guy's tell me when you fill out your journal you have the total notary fees, the total mileage fees. Then you have report on Schedule SE do you add both totals or how is this done? HELP>!!

Reply by cmd_NH on 4/12/06 12:55pm
Msg #113051

Not sure if you are asking for tax purposes or not but......Total income is reported on Schedule C and Notary fees only are excluded from SE tax. Hope this answers your question.

Reply by Gloria Roque on 4/12/06 12:58pm
Msg #113053

Ok lets say Gross Sale Schedule C is 60.00 Mileage Expenses Schedule C is 10.67 Report on Schedule SE would be what amount

Reply by cmd_NH on 4/12/06 1:11pm
Msg #113062

Re: Example only...

Total signing fee $150. (Reported on Schedule C.)

10 notarizations in this signing at $10 per notarization=$100. (Excluded from SE Tax.)

Amount shown on Schedule SE would be $50, On the dotted line of line 3 of Schedule SE you would write "exempt Notary fees $100".

Reply by Gloria Roque on 4/12/06 1:14pm
Msg #113065

Re: Example only...

So I guess here is were you see your gross increase by the exempt of notary fees is this correct?

Reply by PAW on 4/12/06 1:14pm
Msg #113064

Gloria ... My recommendation is to file an extension (automatically granted) and take your stuff to a tax professional. At least for this year. Next year, you can follow his/her lead in preparing your taxes or, if you not sure what you're doing, take it back to the tax person or find another tax professional to assist in preparing your tax return. It may cost a few bucks, but it will relieve your frustration and anxiety.

Reply by Gloria Roque on 4/12/06 1:15pm
Msg #113066

Thanks PAW but I just want to know how to fill this journal out correctly so when I take it to my tax person all is accounted for. I have the main idea now, I think.

Reply by cmd_NH on 4/12/06 1:19pm
Msg #113068

PAW has good advise for you....

If you're not sure what your doing you should take it to a tax professional. Preparing Taxes are complicated sometimes and can't be learned on a forum.

Reply by cmd_NH on 4/12/06 1:20pm
Msg #113070

Re: I thought you were asking for tax purposes....

I have a spreadsheet in Excel with the breakdown of my fees.

Reply by Gloria Roque on 4/12/06 1:27pm
Msg #113072

Re: I thought you were asking for tax purposes....

I was told to buy the quickens program and keep track like that. I wanted this information so that I know I am filling out my journal correctly and also for my taxs. I just was not sure and I all need to know what my profit is after all my business expenses.

Reply by cmd_NH on 4/12/06 1:32pm
Msg #113075

Re: I thought you were asking for tax purposes....

A lot of people use Quickbooks for their business, I choose to use Peachtree because I like the true accounting method (ie. Debits/Credits). Either way you can set them up to break down your income on two lines if you want...one line for the Notary fees from the signing and one line for the rest.

It sounds like you are not familiar with how accounting programs work. Your accountant can set it up for you to get you started.

Reply by SarahBeth_CA on 4/12/06 4:33pm
Msg #113129

Gloria go back to your state hand book. If you are asking how to record your fees in your journal then if Fl is the same as CA (I think this is for all states but would like an Fl notary to confirm) you only record the notarial fees in the journal.
Your business accounting files, books or computer programs (whichever you use) are where the total fees are recorded. Your file will have a breakdown of the fee which will agree with your journals notarial fees.

Reply by PAW on 4/12/06 5:03pm
Msg #113133

Florida does not require the use of a journal. Therefore, the notary can record anything they want, as it is their personal record, not an official state record of notarial acts. Each year, the notary reform bill is presented to the state legislators but it always dies in committee. Part of the bill is the mandatory use of a journal.

I do keep a journal, but I do not put down my fees in it.

Reply by SarahBeth_CA on 4/12/06 5:47pm
Msg #113142

Thanks PAW

I don't like answering questions for other states because I know I could be wrong. I was reading her question as pertaining to the journal and not taxes. But hey she can do whatever she prefers. Thanks for the confirmation/clarification.