NAICS code: 541100
Official forms are what notaries and signing agents deal with on a daily basis, but let’s face it, they’re not rocket scientists. Obviously, IRS tax forms and rules vary from what you normally deal with – and they are very complicated.
As a notary public, for example, you don’t have to pay self-employed tax on any fees you receive. Even so, income taxes still have to be paid on those fees. Additionally, you are responsible for self-employment taxes if you earn revenue as a signing agent as well.
Our team at Line has found a way for you to save on your IRS tax bill – income and self-employed. You’ll be able to save money by writing off all the business expenses you incur as a notary or signing agent.
We have put together a list of the most common write-offs for notaries and signing agents that you can use to deduct your expenses.
📃Fees for licensing
Write it off using: Schedule C, Box 23
Tax deductions are available for the costs associated with getting or renewing a license.
👨💻Software for productivity
Write it off using: Schedule C, Box 18
You can deduct the cost of the software you use for invoicing, expense tracking, timesheet creation, and so on.
🎓 Courses for continuing education
Write it off using: Schedule C, Box 27a
A continuing education class is fully deductible if it is required to maintain your employment.
🗃️ Business cards
Write it off using: Schedule C, Box 8
You can claim advertising expenses for business cards that have your contact information on them.
📱Phone, laptop, accessories
Write it off using: Schedule C, Box 27a
Deducting your monthly phone bill, accessories for your job, and part of your actual phone cost may be possible.
☂️ E&O insurance
Write it off using: Schedule C, Box 15
Keeping your business protected with E&O insurance is essential. In addition to any other insurance you purchase for your job, you can deduct it from your taxes.
📝 Office supplies
Write it off using: Schedule C, Box 18
Ink cartridges, binders, folders, pens, whiteboards, and binders for your office are all deductible.
💳 NNA membership
Write it off using: Schedule C, Box 27a
What other professional associations do you belong to? Do you pay dues to the National Notary Association? Those fees can be deducted from your taxes.