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Deductions & credits
This is incorrect, monies earned for notarial acts are not self employment taxable. For example, Ill use the state of Oklahoma, $5 per notarial act. If you completed a mortgage closing, $100 mortgage refinance, and 12 documents were notarized, 12x$5=$60, $60 of the $100 is exempt from self employment tax. This is why it is strongly encouraged to keep record of all notarial acts per assignment, I find notary gadget to be my favorite for tracking notarial acts, mileage, and expenses, it makes the process of filing taxes a lot easier.
‎April 5, 2022
2:33 PM