Hi, this will be my first year to turn in taxes based on my notary business. Do I get revenue pwk from each signing company that I contracted with? If so, do I have to request it or is it sent automatically? I’ve not gotten anything from anyone so far and I had signings with about 9 different companies last year. Thank you in advance.
@nelsonnotarytn Welcome to the Notary Cafe forum! 
Excellent question! Here are a few helpful tips:
-
As a Business Owner, you’ll want to reach out to your professional tax accountant/Certified Public Accountant [CPA] for this type of query for your business to ensure that you make the best decision.
-
In addition, you’ll want to review the data available on the IRS website:
Specifically, the Section “Specific Instructions for Form 1099-MISC” that identifies if an independent contractor earns revenue of $600 (or more) a 1099 should be created for them.
- Also, there is immediately available information found within the Notary Cafe database on this topic.
This information is a GOLDMINE!
Most members express that they find it difficult/NEARLY IMPOSSIBLE to locate the Search Function in order to access the wealth of information available within the database.
To be helpful, I’ve inserted an image for you & others [see below] to help members locate it to unlock the wisdom & knowledge of other members on the forums.
I’ve performed a cursory Search on your behalf and the results show 50+ separate threads (in addition to yours) about this particular topic. There is a plethora of data immediately available on the threads within Notary Cafe. 
https://forum.notarycafe.com/search?q=%22taxes%22
======
Accessing the database to locate information about potential clients has saved many of us an inordinate amount of time ‘chasing’ payments for Services professionally provided to potential non-payers . . . 
2 Likes
1099s are not required until the amount is $600, but a few will send it for lesser amounts. Regardless, do your taxes based on YOUR records. You may deduct your fee/notarization from SE taxes only, but doing so WILL decrease future SS amounts.
1 Like
cNsa5 stated “ professional tax accountant/Certified Public Accountant [CPA”, best answer for any tax concerns. Next you need a good record keeping system for tax purposes, I found out about CloseWise (https://www.closewise.com/) and switched from notaryassist that I used for the past 10 years. Having a good management tool for administrative, taxes and record keeping is essential for our notary business.
2 Likes
Hi Carl,
Nice to meet you. Do you use the paid CloseWise service? If yes, is it their Beta + version with the Website, or are you just using the 10/mo option? I see you are in Florida, just for comparison, what rates are you using for Refi, Seller, and RON (if you don them) transactions?
Thanks,
Misha
I use an Excel Spreadsheet for all mileage and expenses. I save receipts in a file. I haven’t had any problems with taxes. But I save where I can, so don’t spend on the various programs available.
1 Like
I have a little bit different situation. But managing excel is a chore. Its doable, I’ve done it for years. However, to make automations work you need deep excel knowledge and understanding of macro.
I like automated invoicing, reminders, integration with mobile, team, brand building, scheduling, etc. They told me they have a Beta + for 27 per month that I can try. In response I sent a list of questions, we’ll see what kind of responses I get
I guess I’m old school. LOL.
@NobleInk I subscribed to the $27 level on the site and I think their system works great. It has tons of neat bells and whistles too. Like you know, for GNW and loan signings, the marketplace is a dogfight. My rates are set up to fit my business model, so they might not work for your business.
1 Like