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Tax Exemption Just for Notaries
Now here's the part of this business that's unique and only for Notaries. Your actual Notary fees (not mobile fees or other services you charge for) are not self-employment income taxable.-
According to the IRS (see Self-Employment Tax Bulletin SE-1), under the section,
"Income and Losses Not Included in Net Earnings From Self-Employment," Item 2, states:
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"Fees received for services performed as a notary public. If you had no
other income subject to SE tax, enter "Exempt–Notary" on Form 1040, line
58. However, if you had other earnings of $400 or more subject to SE tax,
enter "Exempt–Notary" and the amount of your net profit as a notary
public."
It works this way: You include your Notary fees as part of your total income, and then you enter just the amount of your Notary fees in a special Notary exempt space on the form, where they're then subtracted out. Notary fees are not subject to tax. Many tax preparers aren't even aware of this exemption.
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Notary Loan Signing Agent
Comprehensive Certification Course
& Reference Manual
198 pages, including a final exam
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