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 Re: Financial planners, SEPs, IRAs
Posted by  JanetK_CA on 2/21/21 11:32pm

I always thought that quarterly taxes applied to all potential income taxes that would become due, not just the self-employment taxes. And anyone who takes the notary fee exemption will likely end up owing more for whatever their tax bracket says they owe for regular income than what they owe for the self-employment part.

I 100% agree about the impact on your Social Security income when you retire. Unless someone already has sufficient SS income accrued from previous earnings, they may want to reconsider taking the notary fee exemption. That can have a direct impact on how much SS income they'll have in retirement. If this doesn't make sense to any of you or you have no idea what I'm talking about, then you really need to get some advice from a financial adviser - or do lots of reading up on the subject from reliable sources.
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