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.)
Posted - 03/13/2009 : 2:40:50 PM. ALL of your fee is reportable as income and you have to pay federal tax on the full amount....what is exempt from self employment tax is the amount you are allowed to charge per signature or per notarial act by your state law (your notary fee). Example: In FL, we can charge up to $10 per notarial act.