READ ALL OF THIS YEAR'S TAX TIPS BY CLICKING HERE:
Your Notary & Loan Signing Agent Business & Tax Time
If you missed our latest Blog titled Loan Signing Agents & End of Year Planning, The Pod Cast with The Notary Entrepreneur or our LIVE Episode from Notary Stars Unlimited don’t forget to check them out as they lead into our timely topic for the month: Your Notary Business & Tax Time We've been focusing a lot of our efforts on putting together information that will truly help you with your Notary & Loan Signing Agent business for months now and we appreciate your appreciation. In fact, because of your appreciation and participation, we are now able to bring in even more experts to help guide you in products, and services, and also to help you grow and manage your Notary Business. This month, Ms. Sue Hope from Notary Assist (a very respected Notary Accounting Software) will be helping us with our topic of the month. We will be engaging with Ms. Hope and her colleague Glen Hill who is a professional accountant who specifically deals with Notary Taxes during our Notary Boot Camp sessions on October 7th, 2022. This session is for members only, however, this blog will be updated for non-members with any amendments. Until then here are Four Important Items To Address With Your Notary Business & Taxes : 1. You Should Make Sure W9s With Your Address Are Up-To-Date It is highly likely as a Notary Public & Loan Signing Agent you are working with the general public. From the general public you will be paid directly and most likely will have no need for a W9. However, Signing Agencies and Title Agencies are going to mail you your 1099 for your taxes to the address on your W9 (or email address listed in your portals if they do electronic W9s). If you've changed or updated your address it is so important that you get these updated before December 31st, each year. If you have not updated your W9 it is not the fault of the companies you are working with if they have proof they mailed you a 1099 and it delays your ability to file your taxes on time. This may cost you time to file with what you have come filing time to re-file your taxes with updated information/earnings. 2. You Should Have Trustworthy Accounting Software & Becareful Using Free Software Notaries are afraid of Quickbooks and unless you've taken an accounting class- we don't blame you at all! We are afraid of it too but we have an accountant to do most of our grunt work because we are not accountants. There are, however, two great software we know of that is specifically designed for the Notary Loan Singing Agent's business and that is Notary Assist and Notary Gadget. Notary Gadget visited us last year around this time to give a presentation and this year Notary Assist will be presenting about their software and assisting us with tax-related questions. You may watch both presentations after October 7th, 2022 at Notary Stars, Accounting for Notaries Page. Please be aware that using Notary Management Software to manage your signings outside of that software gives that software the ability to market to your direct clients. We have always advised Notaries not to use any Notary Management Software with their direct clients as they can use the information to lure them away from you directly. These two software companies have no interest in your clients whatsoever and will not try to get them to switch to using their platform to work with you directly. 3. You Need To Know What You Can Write Off Write Offs are very important for Notaries yet so many avoid keeping track of what they are able to actually write off. We will be going much more in-depth on this during our Podcast with The Notary Entrprenuer this month which will be released also on our YouTube Channel as well as in Notary Stars Unlimited Free Training Session. A few things you should not forget to write off until then are insurance, background checks, mileage, paper, toner, training, supplies, car maintenance, use of home (home office), and more! We will be going much more in-depth on this in our podcast as well as on Notary Stars Unlimimited after our October 7th Notary Boot Camp for members with Notary Assist. 4. You Have To Understand When You Earned And When You Were Paid Depending on how busy you are the last month of the year and when that check for your services comes in will determine how much taxes you owe or get back. If you render your services in one year but are paid in the next year your 1099 should reflect this. Otherwise, you may be paying taxes for money you haven't yet earned. You are only to be concerned with the amount of money you were paid in any fiscal year. And it is important to have good bookkeeping skills and double-check your 1099s to ensure you aren't paying taxes early. If you are a very busy Loan Signing Agent you might find yourself paying way too much for your taxes ahead of time (before you even have the money to pay it).
Watch The PodCast Filming About This Blog Below:
READ ALL OF THIS YEAR'S TAX TIPS BY CLICKING HERE: