This is my first year full time. I have had to extend my taxes because I am not sure how to get my tax forms (1099’s) from all the different signing companies. Anyone have a good solution? I have tracked everything in a spreadsheet, but honestly, I am not exactly sure how to get all the info, and who has paid me before the end of last year. I would appreciate your help, and no making fun of the newbie dork…oh okay, go ahead and make fun.
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You should be keeping good records on when you bill, how much and when you’re paid - so end of year you can file using your own numbers and not rely on 1099s - not all will send you one.
Not going to make fun - but one of the mandatory things in this business, besides laser printer, toner, business cards, car and cell phone - is keeping good financial records - date of signing, amount, date paid (along with how much allocated to notary fees and how much to “other” fees).
Good luck
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Adding…they don’t have to send a 1099 unless the amount they paid you in a year is $600.
Some will send it for any amount. Keep the 1099s, but use your own records.
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I kept pretty good records-I might be off by a couple hundred dollars. But I was surprised that of the 50 or so companies that I worked with, I got 3 1099’s. Not knowing any different, I thought I would get more than that. I will just use my records.
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get notary gadget, its not expensive but easy to keep accurate records of notarization and tax info
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Companies do not need to send you a 1099 unless you made over $600 from them. Then again, some will send you a 1099 for $1.00! So whatever you believe you made, add up all the 1099’s and subtract from your gross receipts…then that amount becomes cash/checks you have received which won’t include those 1099’s. Hope that helps.
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If you have a spreadsheet, did you save your deposits or copies of the checks that you received? I’ll be glad to assist you.
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Using Notary Gadget will help you immensely. It keeps track of your mileage, notarizations, any expenses you had for the year. Any software you use is also tax deductible. Notary gadget will also create invoices so you can email them. You will print a Report on profit and loss for your taxes. It’s the best software I have ever used! A plus plus in my book.
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Signing services will not 1099 you if they haven’t paid you $600 or more dollars. They are paid out of escrow so nobody 1099’s them.
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Hey trendtrader1, first of all welcome to the notary biz. So like everyone has mentioned companies are not required to send out 1099NECs if they have paid you less than $600, they may but they are not required but as a notary if you made in total at least $400 you have to claim that on your taxes (duh right lol). So you’re going to have to keep track of that. It’s better that way too. There is NotaryAssist and notary gadget that are accounting softwares that cater to notaries. They even calculate your notarial acts that are self employment tax exempt which is better kool, but you can use any software that works for you. If you have a tight budget my recommendation is you can go with Wave Accounting. I’m a LSA and I use it. (I provide other services besides notary work) it’s free and you can even invoice with your logo if you have one. Hope that helps. Feel free to reach out if you need help setting up.
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I think the rule-of-thumb is that Signing Service Agencies only send 1099’s to those individuals who have completed more than $650 of work with them. That is why you will receive 1099’s from some companies and not from others. I keep a chronological log and copy of every check I receive. Then, as I tick off payment received in my appointment log (not my notary log) book I do so in a different color highlighter for each company. That way I have a “checks received log” that supports my “appointment log book” for quick viewing of payments that have come in and ones where I’m still expecting payments from.
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I didn’t receive any 1099s this year. Best thing to do is to keep accurate records of your transactions, expenses, etc.
I concur! I love notary gadget!
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I use notary assist.
Its designed for and by notaries keeps track of everything and gives me year end reports for my accountant
Love it
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As a newbie how to find jobs?