Where is the best place to live in the Albany, NY area? I've heard that Latham and Clifton Park are pretty nice, but Schenectady and Troy should be avoided.
When it comes to filing your taxes, Notaries must report Notary fees as ordinary income. What your instructor was likely referring to is the fact that Notary fees are not subject to Self-Employment Tax usually declared on IRS Form SE. You can find more information on this topic in Chapter 12 of theIRS Publication 17 (listed as âNotary Publicâ beneath the âOther Incomeâ category.)
However, fees allowable by your stateâs notary law (for executing affidavits, verifications, acknowledgments, etc.) are not subject to SE tax. Letâs use an example to explain the tax. Say you earned $75,000 in 2008 as a mobile notary. Of that total, $10,000 was fees for specific notarial acts. This amount would not be included in the calculations for the SE tax.