I have just started earning money as a notary signing agent. I am on Social Security so only doing it part time. Should I get an EIN or become a sole proprietor or LLC. I don’t expect to make much each year, maybe less than $20,000 working for a lot of companies.Not sure about the tax filings and how complicated it might be. Can someone help please.
I got a LLC, but I would get ein even if I didn’t have a LLC.
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I too receive SS and have to watch the amount of signings I do among. I try to stay under 1400 a month just to stay clear of problems. Good luck.
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If I have to file Schedule C, what would be the Professional Activity Code to use. It is six numbers. Someone said 541199, but it is not on the list.
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541120. This is for the office of Notaries.
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NAICS Code 541120 – Offices of Notaries
Definition of NAICS Code 541120: This industry comprises establishments (except offices of lawyers and attorneys) primarily engaged in drafting, approving, and executing legal documents, such as real estate transactions, wills, and contracts; and in receiving, indexing, and storing such documents.
- You can also download your own copy of the complete 2017 NAICS Classification Manual. The NAICS Manual is updated every five years. The 2017 copy will be applicable until a new edition is produced in 2022.
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Two things
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Get an EIN… Never give your social security number to ANY company
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Not sure of your age but be careful…if you’re under full retirement age (66 or 67) there’s a limit on how much you can earn before SS takes $1 for every 3 you earn (think that’s the ratio); if you’re at full retirement age you can earn as much as you want…one of the “perks” I guess of being old and gold.
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Thank you. Getting one tomorrow. Unfortunately I still have to pay taxes on what I earn plus the SS. Need to keep total of both under $40,000 to stay at 12.5%.
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Here’s how much you can earn - and I stand corrected, it’s $1 for every 2 (not 3)>>
" If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit . For 2021, that limit is $18,960. In the year you reach full retirement age , we deduct $1 in benefits for every $3 you earn above a different limit ."
Regarding earnings while on Social Security, but are less than full retirement age, see the detailed & specific info including example scenarios for calculations on the SSA website at this url:
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sign up for Notary Assist its a software program that tracks jobs distance expenses payments etc
Its fabulous My accountant loves it as it print year end reports for schedule c and income and expenses
Definately get a EIN… takes seconds online i registered w NY State under a company name and ein
all expenses payments go to that number and whatever company name u make up
use a separate credit card to help and pay for everything on it
Notary Assist software is great and all deductable …as is expenses of commission background check NNA membership[ e&o ins etc
training supplies printer computer telephone copy paper paper clips
portion of utilities,etc
your tax person will know.
I was a business consultant for 45 years so many expenses are same for me as i traveled every week
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