Posted by Leanne Mitchell on 2/12/07 4:13pm
Msg #175388

The business of Notary Signing

I would like to increase the amount of signings I am doing and would like to get advice on how to get more local work. Title, escrow etc. seem to have their people in their pockets already. What is the best way to get work quickly and still make decent money? I see alot of signing agencies and it is confusing on which ones are good and the others to stay away from. Which are the best? Tax time seems a little confusing as well and Im not quite sure how to go about setting a good standard fee but not paying out the door for taxes. Any wisdom from more experienced mobile notaries are greatly appreciated. Thank You!!!!!

Reply by Genkichan on 2/12/07 5:14pm
Msg #175391

I can't really answer the first question for you, and your logic on the tax issue is flawed. You pay taxes on your income based on the IRS tax code for your earnings. There's no way to pay lower taxes...you pay what you owe on whatever you make. If your fees are low, sure you pay lower taxes, but you aren't earning a dime, then, either. Might as well work for McDonalds and save yourself the trouble of a schedule C!

Reply by Glenn Strickler on 2/12/07 5:44pm
Msg #175395

If you use the search button under "marketing" you will find a lot of info. If you have a lot of title companies locally, then delivering some business cards with a personal appearance and a friendly smile briefly going over your services, goes a long way.

As far as signing companies that are the best -- I will take work from most anyone at first unless they get a lot of negative press on this and other boards. I usually have my computer on and when I can and when a company calls me the first time, I search it and if I get nothing and they meet my fee and don't ask me to do anything illegal, then I take it. Don't go anywhere without a confirmation email with the agreed upon fee on it, as without it, collection is very difficult.

Good Luck

Reply by snoopdogMs on 2/12/07 6:52pm
Msg #175409

Are not the mileage journals for the purpose of recording mileage and number of documents notarized to be used to calculate the actual figure that will be taxed? For instance if I make $100 for the closing, deduct the mileage and notarizations, then my tax is calculated on this new figure, not the $100.

Reply by BrendaTx on 2/12/07 7:29pm
Msg #175414

That's an interesting way to calculate your net. I would not recommend it for those who are learning to do their taxes. The only way your notarizations are "deducted" are for your SE tax.

JMHO.

Reply by Glenn Strickler on 2/12/07 8:39pm
Msg #175424

You tax professional or the tax program (Turbo Tax or Tax Cut) will ask for the amount of your income is generated from notary fees. Mileage and home-office deductions are another matter. If this is your first year doing this, or first experience at being self-employed, I would recommend that you do get some professional help for at least the first year so you don't get yourself in trouble with Big Brother.

Reply by Glenn Strickler on 2/12/07 8:40pm
Msg #175425

Sorry about my poor sentance structure. n/m