Posted by AngelTX on 2/13/10 3:31pm
Msg #322718

Taxes

what line do we put the nontaxable part of our notary work, i am using turbo tax and cant figure it out, i know Im stupid, but please help me, lol!

Reply by Linda_H/FL on 2/13/10 3:35pm
Msg #322719

It asks you while your computing your business income

"Is any portion of the amount attributed to notary fees" - "if so, enter that amount here" If you didn't get this question go back and review the data you've already entered - something isn't correct.

Reply by Roger_OH on 2/13/10 3:58pm
Msg #322720

Caution, though!

First, all notary income is taxable; it is only exempt from self-employment taxes, NOT income taxes. And, only the NOTARY portion of a signing fee applies to the exemption, not the entire fee.

As Linda mentioned, TurboTax does separate out the SE tax; but as posted several times here by accounting pros such as John/NorCal, you may be giving up a lot later in Social Security income by not paying your SE taxes now.

Just a heads up.

Reply by Linda_H/FL on 2/13/10 4:11pm
Msg #322722

Roger Roger...:) n/m

Reply by BrendaTx on 2/13/10 6:20pm
Msg #322735

I'm groaning with my tax bill...it just isn't FAIR. Boo! n/m

Reply by JulieD/KS on 2/13/10 6:45pm
Msg #322738

Did you find all your deductions?

Are you deducting everything you are entitled to deduct? Business use of home, advertising, supplies, postage, office supplies, depreciation of printers/computers, business portion of cell phone, cost of notary commission, cost of E&O and bond, continuing education, trade magazines, memberships to NNA(ugh) or other groups? Have you totaled up all your business mileage? Remember, trips to Office Depot to buy supplies is tax deductible, as is mileage to the bank to deposit your notary income. Minimizing your tax bill is possible.
Julie (Julie's Tax Service)

Reply by Frenchie/TN on 2/13/10 7:35pm
Msg #322742

Re: Did you find all your deductions?

What I might add to Julie's list is:
1- If you take a deduction for office in home, the office must be used exclusively for business purpose.
2- The only reason I have a BB is to receive my emails that confirmation or edocs have arrived so I do take that portion of my wireless phone bill as a deduction.

Reply by Linda Juenger on 2/13/10 7:54pm
Msg #322743

Re: Did you find all your deductions?

2- The only reason I have a BB is to receive my emails that confirmation or edocs have arrived so I do take that portion of my wireless phone bill as a deduction.

I have a BB for the same reason, but I deduct that extra amount plus 1/2 of my regular bill. At least half, if not more of all my calls in or out are business calls. Look at how many borrower confirmation calls, calls to title, ss etc etc.

Reply by BrendaTx on 2/13/10 7:58pm
Msg #322744

Yep.

I could start making up deductions but I think I'll leave that alone. (I have other things in addition to Schedule C income and a normal paycheck.)

Reply by Lori Kreppert on 10/11/10 2:04pm
Msg #356297

Re: Caution, though!

1. How do you separate the notary portion from the rest of the signing fee?
2. What IRS publication (including name and number) says that signing fees are taxable and what page is it on? I am studying to be a tax preparer and can't find anything so far.