Simple pass-through notary business here. First year at this so I’m unsure of how to do the numbers.
Total earned for the year: $1370
Total notarization fee (not subject to SE taxes): $1030
Total travel fee (subject to SE taxes, if over $400): $340
Total mileage deduction, according to Quickbooks Self-Employed: $225 (412 miles driven)
————- How do I calculate my net business profit?
How much can I contribute to my SEP IRA after figuring out the amount?
(I use that Fidelity SEP contributor calculator).
Submitted November 23, 2018 at 02:24PM by fat-stanley https://ift.tt/2FEV55B
