It is that time of year again! Time to gather all your tax information for 2015 to report earnings to the IRS.
We are asked every year about self employment tax for the professional Notary Public. Here is the link to the IRS webpage and information about self employment tax. We hope this link and information helps every professional Notary file their taxes.
“Income and Losses Not Included in Net Earnings From Self-Employment”
Fees received for services performed as a notary public. If you had no other income subject to SE tax, enter “Exempt—Notary” on Form 1040, line 57. Do not file Schedule SE. However, if you had other earnings of $400 or more subject to SE tax, enter “Exempt—Notary” and the amount of your net profit as a notary public from Schedule C or Schedule C-EZ on the dotted line to the left of Schedule SE, line 3. Subtract that amount from the total of lines 1a, 1b, and 2, and enter the result on line 3. ……”
The partial section above is directly from the IRS.gov webpage. NotaryAssist is not a licensed tax authority. Please seek the advise of a tax professional for further information about self employment taxes and your specific tax needs.