Posted by Joan Bergstrom/CA
on March 29, 2009, 10:27 pm, in reply to "Re: CA tax help, please"
24.180.53.196
Most tax accontants are not aware that notaries in the United States are not subject to Self Employment Taxes for the
Ack & Jurats we notarize.
--Previous Message--
: 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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