Posted by Angela Lambert on 1/31/13 9:18am
Msg #453228

Paying taxes

I know there are a bunch of messages on paying taxes with the notary business. Can you point out some good ones? Thanks in advance!

Reply by jba/fl on 1/31/13 9:41am
Msg #453231

Use the orange search button - it is faster than waiting

for a response.

I know nothing of value about taxes....only that an Enrolled Agent is best to use of all different kinds available.

Reply by Angela Lambert on 1/31/13 10:42am
Msg #453249

Re: Use the orange search button - it is faster than waiting

I have. Just thought maybe there was a msg# to refer to easily. :-) I'll keep looking!

Reply by Pam/NM on 1/31/13 11:22am
Msg #453258

There are many different tax questions and consequences

...from SE tax to state and city, according to your locale. You'll have to figure out exactly what your are looking for, or ask a tax professional.

Reply by NewPhoenix on 1/31/13 1:33pm
Msg #453286

Re: There are many different tax questions and consequences

Unfortunately most "tax professionals" won't know that Notary Fees are exempt from SS tax and there is not a line on the tax forms either! But a search the actual IRS documents will show it. Then your tax person will have to "add" it to the form.

Reply by Carolyn Bodley on 1/31/13 1:49pm
Msg #453288

Re: There are many different tax questions and consequences

Every "tax professional" I've ever used had known about the exemption. I think your statement is a pretty big assumption.

Reply by sueharke on 1/31/13 1:56pm
Msg #453289

Re: There are many different tax questions and consequences

I am writing this as a CPA. I know a lot of tax preparers who do not know that notaries are exempt from SE tax. Who are they? First year tax preparers at store front tax preparation services! Sometimes his or her advisor or supervisor does not know. How the about the IRS?

Many first year tax auditors who are now taking their first accounting class and auditing taxpayers may not know!

Moral of the story, know the information yourself and ask the tax preparer if the information is true. If he or she say not true, run as fast as you can to a better tax person.

For the IRS, come prepared with the documentation in case you find the first time auditor who does not know.

Reply by Carolyn Bodley on 1/31/13 3:25pm
Msg #453303

I've never gone to a store front or first-year preparer

you get exactly what you pay for.