Two Things Notaries Can Do Right Now to Save Money on Taxes

The past few weeks, I've featured the owners of the two largest notary accounting software companies and we have learned a lot.

I love all the positive feedback and genuine questions we've received from notaries, both experienced, and brand new.

Understanding tax law, code, and guidelines isn't really a strong suit for most of us, so having these two great resources, Sue Hope at NotaryAssist, and Steve Bjorkman at NotaryGadget, has been a gift.

After seeing so many similar questions come in, I thought I would give you some resources that can help you start saving money on your taxes right away.

First, a disclaimer: I am not a tax advisor or attorney, so please seek professional advice before you make any decisions about your tax situation.

That said, here are two things notaries can do right now to help save on taxes:

Track ALL of your expenses. One of the perks to owning a business is getting paid BEFORE you are taxed, versus as an employee that is paid AFTER they are taxed. That means many of our day to day expenses may be tax deductible.

Drastically Improve Tax Efficiency by Tracking notarial acts- even in, and maybe even especially in, loan signing appointments. Tracking your notarial acts per appointment can save you thousands of dollars by diminishing your self-employment tax responsibility.

On a federal level, according to IRS Publication 334, in the specific section for Notaries Public, Fees you receive for services you perform as a notary public are reported on Schedule C or C-EZ. These payments are not subject to self-employment tax.

Read the full IRS publication here:

https://www.irs.gov/publications/p334#en_US_2018_publink1000313427

I would recommend keeping that link, or a link to this article, handy so you can pass it on to your tax preparer or CPA. My CPA was not aware of this publication and I think we may amend some previous tax returns.

If you'd like to take a look at both NotaryGadget and NotaryAssist in more detail, you can watch the interviews and training all in one place with the link below.

Watch NotaryAssist AND NotaryGadget Founder Interviews and Overviews Here: https://www.notarycoach.com/pl/96231

Always remember that the time for tax planning is NOW-not on April 14. And, as you plan, and build your team of advisors, remember that just because you can take a deduction or exemption, doesn't mean you should. Do what's best for you and your situation.

That's why collecting as much data as possible is so important. The more data you, and your trusted advisors have, the better decisions you can make about your business. THAT is what helps optimize business practices and improve tax efficiency.

Enjoy!

Bill Soroka

Founder, The Sign & Thrive Notary Training Course and Community
www.notarycoach.com/course

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