Posted by Lorraine Maguire on 1/20/06 10:30am
Msg #89823
Question about Tax Codes
Doing my taxes for the first time as a Notary - what business code do I use? Anyone here using TurboTax online? Can you give me a clue?
Thanks!
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Reply by Becca_FL on 1/20/06 10:39am
Msg #89827
Please use the search feature............n/m
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Reply by Lorraine Maguire on 1/20/06 10:58am
Msg #89831
Re: Please use the search feature............n/m
yeah - um - i tried that. Probably I'll just use the other business services code unless someone else here has another idea.
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Reply by PAW_Fl on 1/20/06 11:05am
Msg #89834
541199 (n/m)
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Reply by LisaWI on 1/20/06 11:12am
Msg #89837
Re: 541199 Question
Paul,
Yesterday, when I was working on the ol' taxes, I looked and looked for this number on the Business Codes pages of the Schedule C Instructions. Could you please point me in the right direction for this number? Inquiring minds want to know.
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Reply by LisaWI on 1/20/06 11:38am
Msg #89845
Re: 541199 Question-Found it!!
But not on the IRS site. I did a search for business codes and found it. It stands for "All Other Legal Services" which Notary Public services are a part of.
Could a person also use the code 531390 which is "Other Activities Related to Real Estate"?
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Reply by LisaWI on 1/20/06 11:47am
Msg #89849
Re: Answered my own question again!!
So, this is a great website. Here is a link for it. It answers any questions you may have on business codes.
http://www.naicscode.com/default.asp?Q=531390
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Reply by PAW_Fl on 1/20/06 11:48am
Msg #89850
Re: 541199 Question-Found it!!
Not 531390 because notary services are not necessarily real estate related. If you want to use 531390 on your Sched C, you may have a tough time with the notary fee exemption on SE tax. That's what my tax adviser said to me. Of course, he also said that I could do two Schedule C's, one for the loan signing and one for strictly notary work, but he wasn't sure how that IRS would look on the SE exemption when I wouldn't be actually charging a specific notary fee as documented in my invoices and bookkeeping.
So I opted just to stick with 541199, one Sched C for anything associated with my commission and notary services.
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Reply by LisaWI on 1/20/06 12:01pm
Msg #89858
Re: 541199 Question-Found it!!
Makes total sense. The other one doesnt include notary work at all.
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Reply by Lorraine Maguire on 2/6/06 3:18pm
Msg #94794
Re: 541199 (n/m)
Thanks! Sorry I asked the question then disappeared - been very busy lately. I really appreciate the feedback. You folks are great!
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