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joelbenedict
Kentucky
26 Posts |
 Posted - 11/17/2011 : 6:02:14 PM
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| Thank you for all of the recommendations. Prior to this point, I have put the income from signings as "other income" on the 1040 A. As for deducting the notary fees, I don't know if that would do any good or not, since according to the Kentucky handbook I am only supposed to charge less than a dollar for most document notarizations. http://www.123notary.com/forum/topic.asp?TOPIC_ID=4791 I don't understand how notaries would make money if this is the case, but what I do know is that last year went fine with no more trouble than usual from the state. As for E&O, I already hold a policy, and so far just about every company I've worked for has required notary E&O. Mine is held by the NNA and they only charge around $52 a year for a $50,000 bond. So by that math the going rate in Kentucky at least would be $500 annually for a $500,000 bond. Is the Schedule C filed in addition to or in replacement of the 1040 A? |
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TGS1985
California
208 Posts |
Posted - 09/24/2011 : 10:43:45 PM
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EDITED.
I looked into this company as I'm intersted in getting into field surveying as well. Unfortunately they expect you to carry E&O Insurance. Knowing this I spoke to my insurance agent and the lowest E&O that he could offer me was a $500,000 policy for $750 a year. After further research on my own I was able to speak with a professional Field Surveyor on a Field Surveying forum. He strongly advise AGAINST getting E&O as the companies should be covered by their own E&O. He also confirmed that if I insisted on getting E&O the rate quoted to me was pretty much the going rate. The only time he would consider geting E&O is if a company could promise a large volumn of business, which none can (hmm my Signing Agnet sense is telling me I've hear that somewhere before *wink).
So basically you should avoid any company that forces you get take out a E&O policy of your own.
- Tyler Soares - |
Edited by - TGS1985 on 10/05/2011 4:49:11 PM |
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LindaH
Florida
1754 Posts |
Posted - 09/19/2011 : 03:08:17 AM
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Good point Doris. I skimmed right over that last night.
Yes, Joel, you should be completing a Schedule C for your business income and deductions, and I believe to do that you have to file a long form tax return. ALL of your notary/signing agent income is subject to federal income tax; as for self-employment tax, the fees for your notarizations are exempt but the rest fo the money you make, less deductions, is subject to the SE tax.
I'd suggest you review your latest tax return and consult an accountant before you end up in an audit - or to make sure you didn't pay too much in taxes on that return. Once IRS hits you with the dreaded audit, my understanding from others is you'll get audited every stinkin' year.
Good Luck.
Linda
http://www.notary.net/websites/LindaHubbell
http://www.columbiacountynotary.webs.com |
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Doris_CO
Colorado
148 Posts |
Posted - 09/18/2011 : 6:40:21 PM
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Joel,
If you are a self-employed person you shouldn't be using a 1040A to file your taxes. If you are only working as a Notary Public part-time, you should check with a tax professional on how to file your taxes. Please check out the IRS instructions on filing the Self-Employment taxes as a Notary Public. You might be able to deduct the fees for the actual notarizations from the total amount of your income on the Self-Employment form as a Notary Public.
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Edited by - Doris_CO on 09/18/2011 6:47:47 PM |
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LindaH
Florida
1754 Posts |
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joelbenedict
Kentucky
26 Posts |
Posted - 09/18/2011 : 3:05:04 PM
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| Uh, I've been using my social for everything. :( I'm not incorporated or anything. It's just me doing the signings. I've just filed my notary income in taxes on the 1040 A. How do you go about getting an EIN? |
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LindaH
Florida
1754 Posts |
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joelbenedict
Kentucky
26 Posts |
Posted - 08/28/2011 : 3:37:41 PM
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| http://sierrafieldservice.com/ I'm ready to submit the registration package. It sounds like one of those brief inspection services, and I spoke to Jennifer Stagner last year. It's just something to do on the side if you're doing signings as well. The asked for S.S. card info and bank routing info in the application. Has anyone else worked for them? |
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Sierra Field Service?
