I put $0 because I’m not receiving any money from the signer unless it’s general notary work.
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Yes they are - but exempt from Self Employment Tax on Schedule C
He doesn’t put it in his journal for the reasons he stated - but as a notary he has to claim it as income.
Don’t be confused - if you want to put the amount in for notary entries that’s fine (in CA it’s required). Here we have latitude - what I usually do is state the fee I received (example $100) with 3 notarizations ($10 per notarial act) I would put it in my journal as “30/70” - but also have separate bookkeeping for all work done.
Hope this helps.
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Chiming in late here so my 2 cents on the “STAMP” thing? Don’t focus on it. It’s the “ACT” you need to focus on, as some states don’t even require a stamp to perform a notarization. This might eliminate some confusion!
Methinks you need a Bromo. Calm down.
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A JURAT ( I admit i didnt know about it in my early life as NSA) , is the act of Asking and ( you should ask ) , before each document of affidavit type
Notary " Sir / Madam : Do you swear that all statements in this document are true"
< THIS IS JURAT > and is ONE Notorial Act of a Notary, to compell truthfullness by the signier.
Affiant or Deponent : Yes / or ( NO )
Notary: If yes: you witness their signature and then sign/ stamp under the line "Subscribed and sworn before me #### by XXXX
Notary fees are IRS exempt for certain amount . Note: NOT the Loan signing amount, but the number of notary acts / and what is allowed by law as notary fees per notary act in your state.
stamp makes it look official, without need to scribble ur commission expiry date and commision number, state , etc.
U seem to be a bit confused …Notary stamps are exempt from employment tax not income tax…See a.CPA that handles LSA
I’m not confused at all - the only thing exempt from Self employment taxes is the fee your state allows you to charge for notarization…if your state mandates you charge “per notarization” or “per notarial act”, that’s all you can exempt (like Florida). If you state allows you to charge “per signature notarized” that’s what you can deduct.
I’m not the confused one here. Read my post again.
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I use Notary gadget and record the notary acts and it confirms what you are saying
WA = 1 stamp, 1 fee, regardless of number of signers.
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