Tax issue:
What I've read about IRS classifying a business as a hobby only discussed the overall profit, not the profit subject to SE tax. If a person had $2000 overall profit, and reported that on Schedule C line 31, and also on Form 1040 line 12, but had 0 income from the notary business subject to SE tax, I don't know if that would be a reason for the IRS to classify the business as a hobby.
Even if they did classify it as a hobby, you still get to deduct your expenses from your "hobby" income. But if you have a loss, you can't subtract the loss from your other income. If it isn't a hobby, but you have one or two bad years, you would be able to subtract the loss from your other income.
Notary maximum fee issue:
The Uniform Law Commission's recommended law dosen't say much about fees; each state that adopts the law comes up with their own statute or rules about fees. So even if it is true that CO lets notaries charge for each act, not each certificate, that doesn't mean that when Vermont gets around to making rules, they won't set fees per certificate, or maybe a hybrid, like $15 for the first signer and $8 for each additional signer. |
Messages in this Thread |
| Colorado Notary Question-SE Tax - Brandi Solano on 2/3/19 10:13am |
| Good question. No authoritative answer. - Lee/AR on 2/3/19 12:08pm |
| Do you complete and stamp one jurat or two? - Linda_H/FL on 2/3/19 12:21pm |
| wow, Linda, not so in Oregon! Its the number of people. - sigtogo/OR on 2/3/19 1:19pm |
| Not sure if we'd get away with that here in FL - Linda_H/FL on 2/3/19 1:59pm |
| Re: wow, Linda, not so in Oregon! Its the number of people. - Brandi Solano on 2/3/19 2:19pm |
| Ack/jurat certs are PROOF of the notarial act - LisaKT/CA on 2/3/19 4:29pm |
| Re: Do you complete and stamp one jurat or two? - LisaKT/CA on 2/3/19 2:06pm |
| Re: I’ve always done as Linda since early 1990 - Carolyn Bodley on 2/3/19 6:37pm |
| think of all the taxes you may have unnecessarily paid :) - sigtogo/OR on 2/4/19 3:51pm |
| Re: How so? - Carolyn Bodley on 2/4/19 8:43pm |
| Re: Correction — one certificate /one act // not one doc n/m - Carolyn Bodley on 2/4/19 8:45pm |
| If you could earn more and pay less SE tax would you? - sigtogo/OR on 2/5/19 12:42am |
| Re: If you could earn more and pay less SE tax would you? - VT_Syrup on 2/5/19 6:47am |
| Re: If you could earn more and pay less SE tax would you? - LisaKT/CA on 2/5/19 6:58pm |
| Re: If you could earn more and pay less SE tax would you? - VT_Syrup on 2/5/19 8:08pm |
| Colorado Notary Fee CRS 24-21-529(1) - ABC Legal Docs, LLC - Jerry Lucas on 2/3/19 6:09pm |
| Found this interesting - Luckydog on 2/3/19 8:25pm |
| #2 page 5 IRS sorry n/m - Luckydog on 2/3/19 8:26pm |
| I'm confused by your post. The deduction for SE tax is a - MW/VA on 2/4/19 10:21am |
| Possibly focusing on the wrong question? - JanetK_CA on 2/4/19 2:56am |
| Re: Colorado Notary Question-SE Tax - Doris_CO on 2/4/19 11:04am |
| Colorado Notarial Acts CRS 24-21-502(6) - ABC Legal Docs, LLC - Jerry Lucas on 2/4/19 12:38pm |
| While I reach same conclusions as you Jerry, it seems... - sigtogo/OR on 2/4/19 3:35pm |
| Colorado Notarial Acts - ABC Legal Docs, LLC - Jerry Lucas on 2/4/19 4:00pm |
| Re: ABC - Carolyn Bodley on 2/4/19 5:02pm |
| Colorado Notarial Acts CRS 24-21-502(6) - ABC Legal Docs, LLC - Jerry Lucas on 2/4/19 10:48pm |
| Re: Colorado Notary Question-SE Tax - Carolyn Bodley on 2/4/19 4:52pm |
| Re: Colorado Notary Question-SE Tax - LJCA on 2/4/19 7:57pm |
| My last .02 FWIW...about the suggestion to - Linda_H/FL on 2/5/19 6:18am |
| Re: My last .02 FWIW...about the suggestion to - JanetK_CA on 2/5/19 2:03pm |
| We’ll agree to disagree - LisaKT/CA on 2/5/19 6:37pm |
| CA Handbook & Newsletter defines notarial act - LisaKT/CA on 2/4/19 11:46am |
| Colorado State Archives Charges $10 for Notary Services - ABC Legal Docs, LLC - Jerry Lucas on 2/5/19 12:32pm |