| shelley...please do yourself a huge favor and keep a list of all the monies that you spend on your business and all the income that you receive from it and take it to a tax preparer so that you get a good feel of what you can do and not do........notary income is not tax exempt....it however is exempt from self emplyment taxes [fica--aka social security tax].....you don't as a rule take a depreciation on office equipment, you deduct it all in the year of purchase.......you do however depreciate your auto as well as its expenses [whether actual or milage allowance]......as the rcipient of audits 4 years in a row i learned a lot and i have been self employed for 51 years.......good luck in your venture................. |
