Posted by pat/WA on 2/19/12 1:56pm
Msg #412321

self employment tax

If as you say you must pay self employment tax based on the amount paid for each individual signing minus the deduction for notarized signatures in that signing, this could amount to thousands of dollars.
One way around this might be to notarize the signatures on the lenders docs. --Just a thought.

Reply by pat/WA on 2/19/12 2:00pm
Msg #412322

Sorry I meant notarize the borrowers docs not Lenders

Reply by Shoshana/AZ on 2/19/12 2:56pm
Msg #412323

Not sure what you are trying to get at? Double your deduction? Why would you want to spend more time at the signing table than you have to? Don't you have better things to do like closing more loans?

Reply by Susan Fischer on 2/19/12 4:53pm
Msg #412336

If someone wasted my time making me sign so (s)he

could Notaryize -my- copies for her/his own bookkeeping purposes, I'd raise holy heck with somebody.

And too, I'm not sure just idly Notarizing sigs on docs for no earthly purpose, and certainly no legal purpose, is even lawful, at least in my state.

Reply by desktopfull on 2/19/12 5:06pm
Msg #412337

Making a 2nd original won't absolve you from the SE taxes due the IRS as it is not requested by the hiring entity or required. You are playing with fire when messing with the IRS, see my message #412332.

Reply by pat/WA on 2/19/12 5:33pm
Msg #412338

Just making conversation. I have our taxes done by a CPA

Reply by Linda_H/FL on 2/19/12 5:39pm
Msg #412339

Unbelievable..think we've been "hypothetical'd" again n/m

Reply by BrendaTx on 2/19/12 6:10pm
Msg #412342

He he he...

Good one, Linda.

Reply by desktopfull on 2/19/12 8:03pm
Msg #412350

Pat/WA just trolling along, adding to my don't read list. n/m

Reply by Doris_CO on 2/19/12 5:40pm
Msg #412340

Pat, you seem to be determined to figure out a way to get out of paying self-employment taxes, even to the point of not being honest. You can only deduct the amount of the notarization fee you can charge in your state up to the amount you are paid. So, if you've taken low fees for your closings and the fee doesn't cover all the notarizations you completed, you can only deduct the amount you were paid, not what the actual cost of the notarizations should have been. It doesn't make any difference how many copies of the loan docs you notarize. And, if you're trying to reduce your income with all these made-up deductions so you don't have to pay taxes, you're setting yourself up for an audit or worse.

Reply by Doris_CO on 2/19/12 5:45pm
Msg #412341

Caught again!!! I should have known since this isn't the first time.

Reply by Barb25 on 2/20/12 8:07am
Msg #412374

To Doris CO Don't think it can be said any better than that

...and you can deduct anything you like... It's like speeding, robbing banks, etc. Only becomes a problem when you get caught.