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n/a
California
1 Posts |
 Posted - 04/01/2008 : 4:03:20 PM
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thank you all for your helpful info.
quote:
Originally posted by BobbiCT
"... need some advice on what is that I have to report. I did not receive any 1099 forms..."
In a nutshell, you
1. Report ALL your income whether you received a 1099 or not. The company that paid you only $500 in 2007 is not required to mail you a 1099. Obviously, the individuals who paid you for notarization services aren't filling out 1099 forms. You can be sure, however, the businesses WILL report the payment to you (with your FEIN or SSN) as one of their expenses on their income tax returns!
2. Report ALL your legitimate business expenses in 2007, including depreciation where applicable.
Notary income is not subject to self-employment tax; however, you and your tax adviser may want to discuss whether it is in your best long-term planning to use this technique or to contribute to Social Security now. If you had a "loss," your tax advisor can review with you the ramifications of the IRS determining that your business is a "hobby," intentionally created to generate a "loss" (i.e., avoid paying taxes) or a legitimate business. Keeping good records throughout the year and a semi-annual or quarterly check up of your profit-loss ratio, is the key to making tax-time easy, particularly if you discover you need to file quarterly estimated tax payments at the federal and state level. Not to scare you, just that operating a profitable "business" isn't as simple as it was ten years ago.
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BobbiCT
Connecticut
135 Posts |
Posted - 04/01/2008 : 05:11:05 AM
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"... need some advice on what is that I have to report. I did not receive any 1099 forms..."
In a nutshell, you
1. Report ALL your income whether you received a 1099 or not. The company that paid you only $500 in 2007 is not required to mail you a 1099. Obviously, the individuals who paid you for notarization services aren't filling out 1099 forms. You can be sure, however, the businesses WILL report the payment to you (with your FEIN or SSN) as one of their expenses on their income tax returns!
2. Report ALL your legitimate business expenses in 2007, including depreciation where applicable.
Notary income is not subject to self-employment tax; however, you and your tax adviser may want to discuss whether it is in your best long-term planning to use this technique or to contribute to Social Security now. If you had a "loss," your tax advisor can review with you the ramifications of the IRS determining that your business is a "hobby," intentionally created to generate a "loss" (i.e., avoid paying taxes) or a legitimate business. Keeping good records throughout the year and a semi-annual or quarterly check up of your profit-loss ratio, is the key to making tax-time easy, particularly if you discover you need to file quarterly estimated tax payments at the federal and state level. Not to scare you, just that operating a profitable "business" isn't as simple as it was ten years ago. |
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jbelmont
California
3106 Posts |
Posted - 03/31/2008 : 11:14:06 PM
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| Read the SE3 page. The part of your income from notarizations is not subject to self employment tax. I filled out two schedule C's to keep it clean. One for travel fees which were part of what my notary related income was, and another one for purely the notary work. If you are in CA, you can consider as high as $10 per signature to be the notary portion of the income. I divided my expenses amoun the two schedule C's, and then paid self employment tax on the travel fee profits, but not on the notary profits. Be sure to reference the SE3 page when reporting your taxes. This information is my opinion and is not "advice". Thanks. |
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n/a
California
1 Posts |
Posted - 03/31/2008 : 7:54:10 PM
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| Hello everyone, This is my first year filing taxes as a notary and I don’t even know where to start, I had income too as a signing agent, and need some advice on what is that I have to report. I did not receive any 1099 forms so I’m kind of lost. What is the code on schedule C for notaries? Please some advice from the experienced notaries would be really appreciated!!!!! |
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