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Tax Time - Notary, Start Now to Save!


Year's end is the time to start organizing for your taxes. And when the year is new, begin new procedures to make next year's taxes better for you. Here are some ideas to make things easier for a notary.

  • Gather all expenses and get them organized into categories so that they're easier to manage. As expenses occur, file them so that no item goes undeducted. Even the smallest expense is significant; they all add up over the course of a year.
  • Make any business expenditures before the end of the year if at all possible so those expenses can be taken off your income for that year.
  • Investment losses can be used to offset capital gains or to offset income up to a certain amount per year and can be carried over.
  • Increase your deductions by including fees paid for state income tax, local income tax, real estate tax, state personal property tax, local personal property tax, and home mortgage interest.
  • Medical and dental expenses are important too, as are payments made for insurance by the self-employed.
  • Expenses for moving your business or moving for work-related reasons, non-cash charitable contributions, use of your car for business, work-related education and training expenses--all these and more may be used for deductions. Talk to your tax advisor to determine what fees are allowed and what fees are not.
  • Minimize your income by making payments to an IRA account or retirement plan before the end of the year. If you're self-employed, talk to an investment advisor for suggestions on the best options, and open a business account such as an IRA, qualified retirement account (QRP) / Keogh, or individual 401(k).
  • Contributions are tax-deductible and grow tax-deferred. With a little planning, tax time can be significantly less costly and painful!

The American Association of Notaries seeks to provide timely articles for notaries to assist them with information and ideas on managing their business and enhancing their notary education. However, the information in our articles is never meant to be legal or tax preparation advice. Please consult the tax professional or attorney of your choice for such important issues. As always, we would appreciate hearing from you. Please feel free to email us at info@usnotaries.com.

Legal Disclaimer: The American Association of Notaries seeks to provide timely articles for notaries to assist them with information for managing their notary businesses, enhancing their notary education, and securing their notary stamp and notary supplies. Every effort is made to provide accurate and complete information in the American Association of Notaries newsletters. However, we make no warrant, expressed or implied, and we do not represent, undertake, or guarantee that the information in the newsletter is correct, accurate, complete, or non-misleading. Information in this article is not intended as legal advice. We are not attorneys. We do not pretend to be attorneys. Though we will sometimes provide information regarding notaries' best practices, federal laws and statutes, and the laws and statutes of each state, we have gathered this information from a variety of sources and do not warrant its accuracy. In no event shall the American Association of Notaries, its employees, or contractors be liable to you for any claims, penalties, loss, damage, or expenses, howsoever arising, including, and without limitation, direct or indirect loss or consequential loss out of or in connection with the use of the information contained in the American Association of Notaries newsletters. It is your responsibility to know the appropriate notary laws governing your state. Notaries are advised to seek the advice of their states' notary authorities or attorneys in their state if they have legal questions. If a section of this disclaimer is determined by any court or other competent authority to be unlawful and/or unenforceable, the other sections of this disclaimer continue in effect.

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