Posted by JaxNotary on 3/22/06 12:09am
Msg #107611

Tax question

Since I just started in this business, I have a question for you vets. How do you deal with taxes. I know that I must report my income at the end of the year. But, during the year should I hold aside some money to pay the tax man later? if so, how much? Should I charge my clients tax? and if so, how much? I know that Florida has no income tax, but there is a tax for good and services. Do I provide a service, should I charge tax for it? again, if so how much? I would just like a few thoughts before I really start taking off (I've been in business for one month now). Thanks... JaxNotary

Reply by LarryTN on 3/22/06 7:11am
Msg #107631

I just keep an accurate record of my expenses (including supplies, mileage, etc) and of course my losses. I've been doing this two years and I use TurboTax Online and file a Schedule C. It's all self explanatory, and you can download the package on the internet!
If you feel uncomfortable doing it yourself, you need to get an experienced tax person or an accountant to handle your returns.

Reply by JaxNotary on 3/22/06 8:38am
Msg #107673

Question remains: do I charge

my clients tax?

Reply by John_NorCal on 3/22/06 10:07am
Msg #107701

Re: Question remains: do I charge

Normally, in California at least, tax is not charged on services only on goods. I wouldn't think that you would charge tax on notary/signing services.

Reply by PAW on 3/22/06 10:25am
Msg #107706

Re: Question remains: do I charge

As far as I know, in Florida, sales tax is applied only to purchases of goods, not on service provided. You may want to call the Florida Dept. of Revenue for the definitive answer.

Reply by PAW on 3/22/06 10:27am
Msg #107707

Forgot the phone numbers

This link will provide you with the DoR Service Center directory:
http://sun6.dms.state.fl.us/dor/taxes/servicecenters.html