Posted by JD/MD on January 9, 2008, 1:16 pm, in reply to "Re: Important corrections to JD & my own posting"
76.106.97.89
Don't know who you are saying is getting cagey. I was showing the correct way to report notary fee income. Don't know how that was "cagey".
--Previous Message--
: Now, you all know that the IRS wants
: every dollar they can squeeze out of
: their taxpayers. Don't try to be
: cagey and get out of paying what is
: due. My little tips were generic for
: anybody in a small business with the
: exception of the information about SE
: tax and notary fees.
:
: --Previous Message--
: I may be mis-reading your post but
: this
: is not something new. Notary fee
: income has been required to be
: reported on Sch C for years.
: My page numbers and facts were not
: off, anyone wishing to verify them can
: look them up for themselves. You can
: also find in the instructions for form
: 1040 on page 24 (line 21
: instructions)where it states:
:
: "Do not report on this line any
: income from self-employment OR fees
: received as a notary public. Instead,
: you MUST use Schedule C, C-EZ, or F,
: even if you do not have any business
: expenses."
:
:
:
: --Previous Message--
: Although JD's page numbers and fact's
: are off a little bit, generically
: speaking he is correct for those of us
: who provide Signing services.
:
: For those notaries with "no other
: income subject to SE taxes" you
: can list "Notary Exempt" on
: line 58.
:
: If you have any schedule C income
: (even from non notary work) you must
: file a schedule C and SE. There are
: directions for sch SC to exempt the SE
: taxes on the Notary Fee portion.
:
: So if your a employee type Notary, who
: gets to keep their fee income, and do
: no other work, you still use just the
: 1040. If you make any other SE
: income, your directions have changed,
: but the net effect is the same.
:
: Actually I like the fact that all
: income is listed on the Sch c, it's
: easier than explaining to a loan
: officer the line 21
: stuff.
:
: Here's the catch I can't quite figure
: out. If you are Notary exempt (SE
: taxes), I don't see any directions
: that you must report any of the fee
: income for income tax purposes.
:
: I'm sure a clarification will be
: released soon from the IRS. I know
: they had like 2 weeks to produce the
: forms and rules after Congress finally
: agreed on the changes in late 2007.
:
:
:
:
:
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