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radonotary
Florida
234 Posts |
 Posted - 01/16/2008 : 10:00:47 AM
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quote:
If you charge a fee for ancillary services (travel, printing, faxing, document "signing" fees), then you need to look at the business codes. This first year, you should consider consulting with a tax professional or tax attorney to make that initial determination.
Take my situation as 1 example of how complicated it can be. I use just a general business and service code but I am a Sub Chapter S Corporation. So apart from my annual $150 dollar state corporate tax, my Corporate Tax is mostly absorbed by my corporate deductions and my personal tax is next to nil. As a corporation you are allowed quite a few other types of deductions such as Food & Entertainment as well as Auto repairs, cost of Computer and business equipment value as well as purchase and many more. It's a little tricky and unless you have confidence that your tax preparer is doing the best he can for you, it could take a little trial and error. |
Edited by - radonotary on 01/16/2008 10:04:05 AM |
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jbelmont
California
3106 Posts |
Posted - 01/16/2008 : 08:27:36 AM
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| Its sometimes a gray area, but since you can have only one code, you might pick the code based on where the majority of your income comes from. The main function of a traveling notary is to be a notary. On the other hand, some people fill out more than one schedule C per year, in which case, you might have different codes on each one. Its best to ask an accountant or attorney. |
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BobbiCT
Connecticut
135 Posts |
Posted - 01/15/2008 : 11:10:52 PM
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If you are strictly a Public Official (only notarization services according to the fees set by your State), then use the IRS code for notary public. If you claim your income as a public official, it is not subject to federal self-employment tax, but is subject to other federal and state income taxes. (But is there a benefit to include that portion of your income in calculating your social security contributions today?)
If you charge a fee for ancillary services (travel, printing, faxing, document "signing" fees), then you need to look at the business codes. This first year, you should consider consulting with a tax professional or tax attorney to make that initial determination. For example, what if you notarized powers of attorney, medical documents or bank/investment forms, maybe your business is not just "real estate" services.
Not to confuse, but like your initial business plan, there are many things to consider when making federal and state tax decisions. It gets much easier after the first year (almost all the difficult choices are made in your first year). This first year is particularly important when determining the percentage of your home office for business use (if allowable), utilitites (if allowable), telephone (cable internet?), supplies purchased exclusively for business, travel (mileage or full business use) and business equipment depreciation.
Remember, if you charged $70 for a loan document signing and your notarizations totaled $80, you can apply the $70 (no more than the fee you were paid) to "notarizations" not subject to self-employment tax. |
Edited by - BobbiCT on 01/15/2008 11:12:41 PM |
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civey
North Carolina
76 Posts |
Posted - 01/15/2008 : 10:34:17 AM
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| I am interested to see what someone with some expertise in this area has to offer. My interpretation is that you are a notary and you are acting as such when you do business. I don't think we fall into the realestate category at all. |
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TCMUNIZ
California
9 Posts |
Posted - 01/15/2008 : 03:45:48 AM
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Hi Everybody,
As tax season is approaching, I wonder what Activity Code I need to enter into my schedule C-EZ?
I am a mobile notary - sole proprietor - but I also do loan packages for signing services. Would that be "53390" (Other Activities related to real estate.
Please let me know what you put in. Thanks.
T.C./CA
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Tax Season / Acitivity Code for Signing Agents
