Posted by Deborah Price on 2/2/08 8:08pm
Msg #233873
Tax Deductions
Several Notaries have told me that when filing IRS tax reports, a Notary gets to deduct the amount per notary stamp their respective states allow them to charge.
In Texas, a fee of $6.00 is allowed for taking the acknowledgement or proof of a deed or other instrument ........ for the first signature and $100 for each additional signature....etc.
If a loan package has a total of 10 docs to notarize by a single borrower, this would mean I could charge $60.00 for that work alone, plus mileage, and printing. Assuming my negotiated fee is $125 for the closing and printing, Could I deduct the $60.00, plus print COSTS, plus mileage when figuring my income tax??? AND,
Where is the printed or stated law which allows this? My CPA insists that IRS says ALL income must be reported and counted, and she knows of no deduction for a notary stamp per document. HELP !!
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Reply by Doris_CO on 2/2/08 9:42pm
Msg #233879
This question has been asked a couple of times since the first of the year. Go to the search button and put in message # 230651 and read all the answers. Also, you can type in "tax" in the search and you'll see a number of messages regarding this. Unfortunately, because a lot of CPA's don't have a Notary Public for a client, they aren't familiar with the Self Employment tax (SE Tax) exemption for notary fees.
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