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Posted by Patrick Bailey on 8/7/03 3:11am
I was wondering how many of you as Notary Publics are aware of the fact that Notary income is exempt from Self Employment taxes under IRS guidlines??? I understand if I am using a vehicle for my personal use, then say I have a "regular" job and then do Signings as well that I might need to distinguish which part of my expenses are related to which function of my life. I don't know about other States, but The Great State of Maine where I live uses the same tax code as the IRS and so my Notary income is exempt from State Self Employment Tax as well. I live on a disabilty pension from the VA and SSDI and in 10 years performing "Witness" closings I've yet to be audited by the State or the IRS due to the exemption of my income from self employment tax. This information is readily available, at least as far as I know, fom NNA which is where I got the info from when they were in their previous incarnation as NASA! Most of the record keeping I perform is what is required of me by State law to document the transactions I perform in my Office as Notary Public. |
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