Posted by MB_AZ on 2/9/06 1:51pm
Msg #95854

Notary Fees taxable?

I know there has been discussion on this board regarding notary fees being taxable/or not for State or Federal income tax purposes BUT I cannot seem to find the thread.
I just got back from my tax appt and my tax lady said the notary fees ($2 in AZ per not.) are taxable as income for Fed and State. I know all states are different but does anyone have any further information on taxing notary fees or can direct me to the msg #? TIA

Reply by Art_MD on 2/9/06 1:53pm
Msg #95857

Re: Notary Fees taxable? search for se tax N/M

Reply by Cherilyn_CO on 2/9/06 1:57pm
Msg #95860

All income is taxable...

it is not taxable for SELF EMPLOYMENT tax only.

I'm wondering how many people are not claiming their notary income due to misreading these discussions?

Reply by MB_AZ on 2/9/06 2:18pm
Msg #95863

Re: All income is taxable...

In reading the past threads for taxes, I see that I also used the wrong tax code for notary. I hope an audit isn't in my future.....been there-done that...thats why I have a tax EA do my taxes. '05 was my first year in the NSA business so I had a lot of expenses in start-up.

Reply by Anonymous on 2/9/06 3:48pm
Msg #95896

Re: All income is taxable...

How much did you spend to start up? I'm a MD NSA & I spent $1600. I made that back in the 1st 7 weeks/12 signings.

It's really an easy business once you get comfortable with the variations of documebts.

Reply by cmd_NH on 2/9/06 2:18pm
Msg #95864

Re: Cherilyn_CO is right....n/m

Reply by srnotary_CA on 2/9/06 4:49pm
Msg #95914

Re: Cherilyn_CO is right....n/m

I was told by my aunt who has been doing taxes for people like us (heehee) for 15 years that you report it all as income then when you fill out the schedule C the last line is what your profit or loss is and that is what you put on your SE form. If there is a loss then no SE tax I hope that made sense.