123Notary
Enter Zip, City, or County... i.e. orange,NY or 90019
Search Method:    regular time edocs
Mobile Notary / Signing Agent Discussion ForumDear Signing Agents,
You need to REGISTER and have a password to post or reply to discussion topics. Please remember, your password for your listing on 123notary.com is NOT RELATED to and is different from your password on the forum. Your password on the forum can be whatever you want it to be.
Lookup a specific signing company, word, or phrase
Mobile Notary / Signing Agent Discussion Forum
Register | String Format | Index Format | Active Topics | Hot Topics | Preview Topics | Advanced Search | Members | Profile | Tutorial | FAQ
Username:
Password:
Save Password
Forgot your Password?

 All Forums
 The 123notary.com Forum for Signing Agents
 Newbie & Mentoring Section
 are notaries considered self employed?
 New Topic  Reply to Topic
 Printer Friendly
1 -1  Be the first person to vote!
Author Previous Topic Topic Next Topic  

jbelmont

California
2990 Posts

Posted - 07/15/2009 :  2:14:53 PM  Show Profile  Visit jbelmont's Homepage  Reply with Quote
Notaries who do freelance signings are self-employed. You pay self employment tax too. However, notary income is exempt from self-employment tax, but the portion of your fees for signings that is not notary income is taxable for self-employment tax. You can consider whatever your state's maximum notary fee per signature as the portion of the income of a particular signing is notary income and the rest you can call signing or travel fees.

Additionally, notaries should get a business license from their county. This costs $100 or so, but keeps you legal. You would need a business name too. This makes you look more professional too which helps with your image and is good for business.

Go to Top of Page

LindaH

Florida
1754 Posts

Posted - 07/12/2009 :  4:07:52 PM  Show Profile  Reply with Quote
Unless you work for someone else who pays you wages, then you work for yourself, therefore you're self-employed. You do not work for commission - you charge a fee for your services determined by (a) the amount your state allows you to charge for your notarizations and (b) your costs of doing business...your expenses are then taken into account as deductions when you file your taxes.

As for unemployment, it depends on your state's laws, but I would guess you have to report ANY earnings to the state so your unemployment wages can be adjusted....you're not entitled to both.

By the way - you will not necessarily receive a 1099, so keep good records of how much you make. If you're doing loan signings, companies are only required to furnish a 1099 to you if they've paid you over $600 for the tax year...and if the funds are coming from their escrow or trustee account, I don't believe it's reportable on a 1099. So keep records of every penny you make as a notary for filing purposes....and remember, your entire income is subject to federal income tax, but the fee you charge for your notarizations is exempt from the self employment tax.

Hope this helps a little.

Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
Go to Top of Page

Newnotary

18 Posts

Posted - 07/12/2009 :  09:47:58 AM  Show Profile  Reply with Quote
I'm new as you can tell and was wondering when it comes to filing taxes am I considered self employed? I assume I am because I will be receiving a 1099, but I'm not sure. I also am currently collecting unemployment and have to put down that I am earning. The choices are self employed or commission and was looking for some input regarding which line to choose. Sorry to ask such silly questions, but I get so many conflicting answers I don't know which way to turn. thanks.
  Previous Topic Topic Next Topic  
 New Topic  Reply to Topic
 Printer Friendly
Jump To:


Mobile Notary / Signing Agent Discussion Forum © 123notary.com Go To Top Of Page

Tips for using the forum
The most important feature on the forum is the search box. You can look up a particular word, phrase, name of a company, and see a potentially large list of search results with which you can obtain data. Filters are also valuable. If you want to find popular posts, you can use the number of views filter. You can also see whats new with the active topics link. Email us at info@123notary.com if you need any help using the notary forum.

Resources
The notary public resource page is valuable as it has links to all of the free information pages for notaries. Pages linked to the resource page include a page that teaches you everything you need to know to get the most out of your listing. Another page teaches you all the secrets of getting paid. There is a link to our free list of signing companies. There is also a glossary, learning tools, and much more. If you are a notary, the free tips we give are invaluable.

Popular pages
If you visit 123notary.com often, you might want to visit some of our most popular pages such as the California notary, Texas notary, Florida notary, and New York notary pages to browse the site. We also have valuable pages for notaries such as the free list of signing companies, and the resource page. Please also visit our get notarized and notarized letter page.