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.)
In general, you must report any taxable amount of a canceled debt as ordinary income from the cancellation of debt on Form 1040 (PDF), U.S. Individual Income Tax Return, or Form 1040NR (PDF), U.S. Nonresident Alien Income Tax Return, as other income on line 21 if the debt is a nonbusiness debt, or an applicable schedule if the debt is a business debt.