2006 was my first year as a notary public/ Certified notary signing agent. what documents do i take when i go to file taxes? This is my first year filing taxes as self employed. PLEASE HELP I am confused.
2007-01-23 03:08:10 · 6 answers · asked by Angel Eyes 1 in Business & Finance ➔ Taxes ➔ United States
Don't panic. When you go do your tax return, you will inevitably forget something or other. Your tax preparer will give you a list of things to bring back into the office on your 2nd visit (if necessary).
To start, you will need to know all of your income from your business as well as all of your expenses. Did you rent an office? Did you do it out of your home? If so, how big is your home office (in sq feet) and how big is your home? Did you drive for your business? If so, how many miles total did you drive your can and how many of those miles was used for work.
One good thing is Notary fees are exempt from SE tax. According to the IRS:
Fees received for services performed as a notary public are not subject to SE tax. If you had no other income subject to SE tax, enter “Exempt—Notary” on Form 1040, line 58; do not file Schedule SE. 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 from Schedule C or Schedule C-EZ on the dotted line to the left of Schedule SE, line 3. Subtract that amount from the total of lines 1 and 2 and enter the result on line 3.
Make sure your tax preparer knows this! Many either don't know or forget. You don't want to be paying taxes unnecessarily.
2007-01-23 03:46:19 · answer #1 · answered by TaxMan 5 · 0⤊ 0⤋
No income means no reason to file a return. I am a notary like you and have most of my customers in the same shape.
2016-05-24 00:51:47 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Schedule C as stated above but I believe that notary fees are not subject to self-employment tax.
2007-01-23 03:41:16 · answer #3 · answered by Wayne Z 7 · 0⤊ 0⤋
You'll file a schedule C or C-EZ, probably the C-EZ, showing your income and any associated expenses. You'll also file a schedule SE to calculate self-employment tax. The numbers from the bottom of these two schedules will transfer to your 1040.
2007-01-23 03:28:18 · answer #4 · answered by Judy 7 · 0⤊ 1⤋
When you go to get your taxes prepared you will need to show them the money you earned and the expenses you incurred to earn that money. Mileage, fees, supplies etc.
2007-01-23 03:34:42 · answer #5 · answered by Nusha 5 · 0⤊ 0⤋