Posted by JanetK/CA on March 29, 2009, 9:52 pm, in reply to "CA tax help, please"
99.146.24.210
That may or may not be correct. For example, if you do an assignment that has 12 signatures notarized but you got paid $100, you cannot deduct $120 from what you owe for self-employment taxes. You can only deduct up to the amount you were paid. So you should be keeping records on a job-by-job basis.
I had a hard time explaining this to my accountant, by the way, because he was trying to reconcile different columns on my spreadsheets. I have it set up to automatically multiply the # of notarizations by $10. I'm not that sophisticated to create formulas to correct for this, so I just go through and change any negative numbers to $0. Works for me. Hope this helps.
--Previous Message--
: Example: If I have $10,000 notary income
: and perform 1,000 notarizations (for
: which I could charge $10 each), I owe
: tax on $10,000 but no SE tax. Correct?
: So why does Turbo Tax keep saying I
: owe SE tax while also saying I'm
: notary-exempt?
:
: Thanks for any assistance!
:
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