Posted by Pamela Boross on 2/5/07 10:44pm
Msg #174181

Tax Question

I am wondering if anyone can help me. I am getting ready to do taxes and I need to know if each notarization is tax exempt? For example: If I have 2 sets of doc's, a 1st and 2nd with 4 notarizations in each set, Husband and Wife, that would be a total of 16 notarizations. Would $160 be tax exempt? I just want to be sure that I am doing this right. Thanks!

Reply by Jon on 2/5/07 10:53pm
Msg #174184

No, that is not right. You really need to find a tax professional to help you. Why would you trust your taxes to a message forum on the web? Futher, a forum made up of non-tax professionals?

Please, for your own sake, have a professional do your taxes. It really is worth it!

Reply by Pamela Boross on 2/7/07 12:15am
Msg #174452

I do not trust my taxes to anyone but a CPA, but mine had never done taxes for a Notary before. He better start to rock 'n' roll soon or I might have to find a new one.

Reply by Roger_OH on 2/6/07 12:16am
Msg #174190

ALL notary income must be declared (1099 or not), and it is ALL subject to federal taxes. The only exemption is that the notary portion only of your fees is exempt from self-employment taxes. Definitely enlist a pro if this is your first time doing taxes as a business; there are many deductions available, but get a good CPA or tax person to get you through it.

Reply by John_NorCal on 2/6/07 8:31am
Msg #174236

Re: Tax Question - I second what Jon says, read his

message #173245. He lays it out very succinctly as to why you should get professional advice.

Reply by Pamela Boross on 2/7/07 12:13am
Msg #174450

Re: Tax Question - I second what Jon says, read his

Thanks a lot for the advice. I was just curious and of course I do have a CPA, but he has not dealt with Notary exemptions before.