@RickOShay Over the years several Notary Cafe members (who are also Certified Public Accountants [CPAs] ) have ‘weighed in’ on this topic. As such, their information can be accessed via a cursory Search of the TREASURE TROVE found within the Notary Cafe database. Those members often tangentially add that a business owner will be best served by reaching out to a Tax Accountant or CPA near you/within your State.
While I have answers to your queries via my direct experience, I also would advise you as a business owner to perform your own due diligence & consult with a CPA for tax status determination for your business, record-keeping, tax decisions, etc.
An additional Resource you’ll also find quite helpful is the IRS Schedule 17.
There is also an article (by a well-known organization) with Tax Tips for Notaries; however, I will add the caveat that their insights are in general pertinent to the State of California (& not to other States). In addition, there are multiple occasions that their data has been found to be fraught with errors on a recurring basis . . .
So, once again, consult a CPA near you.
