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3 Tips For Notaries At Tax Time

Notary Tax Tips

The deadline to file your 2015 income taxes is only a few months away. To help Notaries get started, here are answers to three important questions Notaries often ask when tax time comes around.

Please remember that this is general information only, and every person’s tax situation can differ. If you need answers to specific questions about your own tax situation, contact the IRS or a qualified tax advisor.

What forms should Notaries use to report their income?

According to the Internal Revenue Service, all fees received specifically for notarial acts should be included in gross income — the amount of money received before anything is deducted — on a Schedule C or Schedule C-EZ (Form 1040). Signing Agents and other entrepreneurs who earn additional income from non-notarial services may need to provide information on other tax forms, depending on the amount they earned.

Do I need to keep track of my Notary fees separately from other income?

Yes. When entering records of fees in your journal, tax preparation software, or other record-keeping tools such as Notary Gadget, be sure to carefully itemize notarial fees versus fees from other services, as you may need to report them separately depending on how much you earn. If you are a mobile Notary and want to deduct mileage for travel on Notary assignments, you’ll need to keep careful track of work-related travel mileage versus non-business travel mileage as well.

If I work as a Notary out of my home, can I claim a deduction?

Yes, but be careful — the IRS rules for home office deductions are very strict and any space you claim must be used exclusively for business.

If you’d like to test your knowledge, take our quiz on Notary tax rules to see how familiar you are with the do’s and don’ts of income tax for Notaries.

David Thun is an Associate Editor at the National Notary Association.

Additional Resources:

Internal Revenue Service Website

Notary Gadget

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1 Comment

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Cathy Betts

08 Feb 2016

One more reason why I am so looking forward to the Tax class at the conference. Enjoyed the class last year and looking forwarding to this year.

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