Posted by Karen Looker on 2/14/11 10:12am
Msg #372666

Taxes, and Business code

Can you tell me what business code you are using to file your taxes

Reply by Linda_H/FL on 2/14/11 10:17am
Msg #372668

541199....see Msg #276855

I use whatever one TurboTax picks for me - it auto-populates when completing the return.

Reply by FlaNotary2 on 2/14/11 12:21pm
Msg #372681

I use 541199 (miscellaneous professional services) n/m

Reply by NewPhoenix on 2/14/11 10:35am
Msg #372669

Don't forget...

Don't forget that the portion of the money you receive that is for your Notary services is exempt from Social (in)Security Tax! I ALWAYS count the number of times I "stamp" the documents in all signings. Multiply this times the state allowed fee that I can charge, and my tax attorney enters this to the left on line 3 of Schedule SE and subtracts the amount from line 2. It may not seem like much but it saves me $800 - $1000 a year that I can spend how I want or put into my IRA for MY OWN retirement.

Reply by MarieG/CA on 2/14/11 2:07pm
Msg #372697

Re: Don't forget...

That's great advice!
I believe in CA we can have each notarized signature exempt, for example: you do one stamp but two people sign.

Can someone tell me where in TurboTax do we enter the exempt income?

Reply by Linda_H/FL on 2/14/11 2:11pm
Msg #372698

It will prompt you for it when completing the business

income section

Reply by MW/VA on 2/14/11 2:33pm
Msg #372704

If you're using TT Home & Business, it will carry over to a

form Sch. SE Adjustments from Sch. C. On that form it's under Part II, Line 9, and then in Part V.

Reply by MW/VA on 2/14/11 7:57pm
Msg #372766

Also, don't forget the $400 Making Work Pay Credit. I

didn't do that last year, and the IRS caught it & gave me the credit. It was a nice surprise.