Notary Signing Agent Tax Planning | Sole Proprietorship

Hey, beautiful people. This is TJ with Solutions by TJ. And today, baby, we have Ms. Camille. We have are going to have tax talk with Ms. Camille. And I'm so excited about it. So I've heard her on Clubhouse. You know, she's been in a couple of classes of mine and we've, we've, you know, gone by each other in a few different arenas. And I'm just excited to have her to talk to us tonight because the last bomb she dropped, I was like, oh, for real. Regarding notary exemptions. Something that I really didn't know and that I'm sure a whole lot of people don't know. So get ready for an amazing conversation. Awesome conversation. I want some more people to come into the room. Let me make sure my thing isn't buffering. I'm going to take my WI fi off.

And just let it be on.

Yeah. Okay. So it should just be on the house. WI Fi Ethernet. So how is everyone? For a better experience, please join us on YouTube at Solutions by TJ. That's YouTube Solutions by TJ. YouTube.com backslash Solutions by TJ hey, what you talking about? Excuses, excuses. Oswald. Hey, Demetria. Todd. How are you?

All right, it came on up. I got the notification today. What you talking about? Excuses, excuses. Oswald.

How has Yalls day been? I'm excited.

I have somebody good for y' all today. I'm just waiting on a few more people to get into the room. If they wait too long, we gonna we starting promptly. You know, I can't wait. So some people gonna miss out. And we are not repeating. They're gonna have to come back and look at it later. Hey, Facebook user.

Good night, Oswald. I am good. Good, good, good. Hey, Veronica.

Gotta go to work. I get you, Demetria. I was thinking about changing Sunday Funday to maybe Monday or something.

I don't know.

I'm still playing, toying with the idea. Monday around 7pm, maybe 8pm.

I'm not starting late. What time is it there? It's 9:03. I got on exactly at 9:00'. Clock. Haha.

All right, well, we're gonna bring Ms. Camille up. It's enough people in the room. Hey, Veronica.

There are enough people in the room.

Hey, Naomi.

I'm glad you made it.

Y' all let me add Ms. Camille and I'm just gonna move my little old self out of the way. How are you, Miss Camille?

Hi, I'm great. How are you?

I am good. Good. Thank you so much for coming with us today. I'm Excited, man. Hey, listen, you are amongst family. That's what I. Everybody on here is family. So we don't act real Hollywood. We just act like good old, Good old people at home, right?

My kind of people. My kind of people. Yeah.

I had a comment the other day that I mentioned, that I responded to today. This lady was saying, t. Cj, she mentioned, don't talk with gum in your mouth because it's unprofessional. And I get it. I totally get it. But the reason that I'm on here isn't to be professional. For me, everybody has their own reason. I'm simply here to disseminate information. I am in a white man's world every single day as a chemical engineer. So when I get on here amongst family, I act like I'm at home because if I don't, I'm not gonna want to come. I. I have to put on a show everywhere else. I can't come home with y' all and have to put on no show. I'm just sorry I can't do it. So I have to be TJ all day, every day. And, you know, I mean, hey, I'm gonna work for some people, just like in real life.

You gonna.

Some people are gonna gravitate to you, and other people are gonna be like, oh, I can't handle it. She's just too unprofessional. That ain't my aim, to be professional. I here to disseminate, be a genuine person. What you see is what you get. And to disseminate good and helpful information. So, Ms. Camille, tell us about yourself. You do a little bit of everything.

I mean, you know, I'm from around the way, but my name is Camille Mitchell. I am first and foremost, I am a Georgia commissioned notary of 25 years. So I love my notary community. I am also a tax accountant of 25 years. So I became a notary at. While working at the bank 25 years ago. And so this year, my 26th commission year in service. And I love all things small business. I call myself a small business advocate because I really fight hard to help small businesses survive and get past that first three year crunch where most businesses fall apart. So I love talking taxes and using tax law to our advantage to legally reduce I our tax liability, to help increase our profits.

I love it. So how do you help small businesses?

A few ways. So one of the ways I do is being proactive with yearly accounting. Right. So helping them understand what accounting looks like, what bookkeeping is. Understand. Okay. When I. When I say I have an asset. What is that? When I have a liability, when I have equity in my business. What does that mean? Advising 1. I do coaching classes, so I teach business principles. I do. I teach operations and growth strategies for small businesses. And then of course, I'm there to be their tax. Their tax prepare. So I'm their quarter taxes. We have. We look and see. Okay, hey, you're probably gonna make a lot more money this year. What's our goal? Do you want to buy any property? Do you want to buy a home? Do we need to be aggressive with your tax strategy or should we just kind of just use some minimizing tactics to help you see more profit? And so I'm there, you know, kind of 24, 7. Seven days a week, 365, talking business and taxes to business owners all over in various areas and genres.

Awesome. Okay. Okay. So if you guys heard what she said and you need any of those services, stay until the end. Because when you hear about how knowledgeable she is about these topics, you'll understand why she's the person that you need to prepare your 2021 taxes if you've been a notary. All right, so I'm, I'm. I just gotta drop this bomb real quick. Camille, on clubhouse, you were talking about exemptions that only two different fields have. So it's notaries. And, and tell the people about it. I ain't gonna go into detail because I don't know, but I just heard it and I was like, oh.

Right, this is us. Yes. So when you are a single member LLC or a sole proprietor llc, you have. You pay a thing called self employment taxes. And on the self employment taxes schedule se assisting Sam E as an echo, your notary acts are considered acts of service. And so for all your notarial acts, every time you hit that stamp and you're acting in the capacity of a notary, all of that income is exempt from being taxed. So what that means is you will be able to remove a portion of that income that you made for that particular signing from being taxed, thus increasing your. Your profit. Right. Because you don't have to have that tax liability, and it helps you pay lower money in taxes. So it's a double whammy in the good way. And a lot of people, even accountants that are familiar with the notary public industry, they don't know about this. I look at Halaso tax return returns and review returns, and a lot of them don't have that schedule se exemption because a lot of Preparers don't know about it. And so I want to make sure that you know what you're qualified for so that you can possibly bring home a better refund or just pay less in taxes legally.

So schedule SE exemption. Okay. So an act of service when you stamp, when you use your notary stamp. So let's break this down a little further just so that I'm clear. So is the whole, are all of your fees that you charge.

Exempt or is it just the stamping part? Say for instance the state of Texas allows notaries to charge $10. Is that part exempt? Or, or if I charge my client for transportation a service fee and for my stamp, is all of that exempt from, from taxes?

So only the amount that you charge for the stamp itself exempt. The other things you charge as far as your travel and you using travel for the conduction of business, that would be a tax deduction.

Deduction. Okay. Okay. So that's two things. So I didn't save money. The only thing that, that would be taxable then are my. Is my service fee.

Yep. Your service fee. Yep. That profit. Yep.

Okay. Okay. Any other good things you want to tell us? I'm just gonna sit back and it's the Camille show.

Hello. Absolutely. So 2021 taxes this year it's full with all kinds of wonderful tax gems or it's like a, it's like a wonderful Easter egg hunt. So number one during the American Rescue Plan act, which is the ARPA Act. ARPA act that was passed.

March 13, 2021 last year under President Joe Biden, a few things happened. There was a bill that passed so that if you or someone in your family had Covid between April 1 and September 30 and you had to take care of them, you as a self employed person can claim sick and it's a refundable tax credit of $250. So normally you're not able to, you know, claim six sick pay. Right. You don't have those fringe benefits like family medical leave. But with the this act you can claim up to $250 refundable credit. That means that if your tax liability is zero to where you don't have any tax to pay, that credit then becomes a refund on to to you $250. Other things to be aware of are the advanced child tax credit. So.

So what happens is when you last year in July through December, if you had minor children under the age of 17, the IRS would have sent you a letter said hey, you may be qualified to Receive a portion of your child tax credit as an advance early on, right? So people started getting checks either in the mail or direct deposit in the amounts of up to $300, right? So you got up to half of your child tax, your child tax credit. So half of the $3,000 you would get. Now, what you need to know is that starting January 19th, letters are coming out. You can also check your online portal@irs.gov for your amount. But when you do, your tax and tax season happens to open on January 24th. Yay, tax season. But the amount of money you receive as an advance, you need to report it on your tax return. And to make sure that we don't have any mathematical errors and we didn't like forget amounts, you will get a letter from the IRS saying, okay, hey, according to our records, you receive this amount of money in advanced child tax credit. It is mandatory that you have that letter and give it to your preparer when you pay your taxes. If you do not have that letter or the amount, the accurate amount that you received, then the IRS will hold your tax return. And as of January 14, Friday, there were still 6 million returns that are filed one time last year by April 2021 that have not been processed because they had incorrect information. So last year we had to give an account for the stimulus checks. We received that. And if you had the wrong stimulus check amount, the returns are still being held. Now, this year is going to be the same thing we're going to be talking about. If you receive the stimulus check of in March 2021 of $1,400, if you don't remember the amount of money you receive or whether or not you actually got it right, you and you put the wrong amount, the IRS is going to hold that return as well. So it's very important this year that you kind of sit down, don't be one of the people, kind of rush and file, make sure you have all of your documents, especially, especially when it comes to your economic income payment, which is also called a stimulus payment, and your advanced child tax credit. The other thing I want you to know is that a lot of us in the notary space, we work as independent contractors for signing services, title companies, escrow officers, and we receive a 1099. So if a company paid you $600 or more, then legally they're supposed to pay you, give you a 1099. Companies have until January 31st to issue 1099s and W2s. So if it's your first time filing your taxes As a small business owner and you normally file as soon as tax season open this year, you want to sit back and wait because you want to make sure you have all of your tax documents. Okay, what will happen if you don't have all your tax documents? And you say, hey, listen, I recall working with me for 10 signing services, but I only received seven. I can't afford the way. I need my refund. I'm going to go ahead and file my taxes now. And you file them as soon as you give. And you have three more hanging out there somewhere. Well, these three more finally show up in February and you've already gone to file your taxes in January with whoever you decide to go to. Then what happens is you say, well, I am not going to just worry about it. I just worry about later. And you forget about it. Time passes. And so.

Then during the summertime, you get a letter for what's called under reporting CP 2000 because the companies that sent you the 1099 also send a copy to the IRS. And the IRS starts looking at your tax return like something's missing here. We're missing about 31099 that should have been reported on the tax return. Are they trying to not divulge all the income? And so it causes a huge.

Problem for domino effective problem. So just take your time, sit back and be patient with making sure you get all your documents. Um, someone asked what were the dates that we received the money last year for the stimulus checks and tax credits. So the stimulus checks came out in March last year. In March, March 2021. That was fourteen hundred dollars maximum. It did have a phase out based on your income level. So the closer you got to like $100,000 or more. It did. The amount was $1,400 received in March of 2021.

If you have any questions, you all put them in the chat. We'll definitely be responding to them. So that way I can make sure I remember to answer your questions and you don't forget what you were going to ask. So I'm definitely here to answer your questions. So again, we're talking about preparing for tax season. We talked about the advanced child tax credit and why it's so important that you make sure you have accurate amounts because the IRS is holding those returns. We talked about that. You know, the accurate amount you receive in the stimulus check because that can hold your turn up. We talk about your notary a notary acts being exempt from taxes. Right. So what I want to do now is talk about the difference between tax Exemption, tax deductions, tax referrals and tax credit. So a lot of times when we're talking about taxes, we always talk about write offs, tax deductions. I can write this up. I'm going to, I'm going to, you know, expense that. So tax deductions, when we're looking at a tax return, it's like a whole math computation. Tax deductions do not give you dollar for dollar benefit. Example, the home office deduction. If you had a home office in your home and you chose to use the simplified reporting method for your home office, the most you can write off is $1,500. Even though you could have spent $2,000, $3,000 that year on your home office, you don't get a dollar for dollar deduction. When it comes to tax deductions, can you still claim items? Absolutely, but they're, they're based on percentages. The next thing we want to talk about our course are those tax exemptions. Exemptions mean there's a portion of the income that's not going to be subject to self employment tax or income tax. Right? It is exempt or removed from being taxed. The next thing we want to talk about is what's called tax deferrals. And taxes deferrals are a tax strategy that you can use to delay or defer paying taxes on a particular portion of your income. We see this a lot when it comes to having an IRA plan, which is called an individual Retirement Account plan, okay? And for the year 2021, you can contribute up to $6,000 to an IRA plan if you're under the age of 50 and up to $7,000 a year if you're 50 or more. You have until April 15th to contribute to an IRA account and have it apply for your 2021 taxes.

I want to say this again. A lot of times we feel as though, okay, hey, there's nothing else I can do to write off things because I think I'm going to, oh, you have until April 15th to contribute to traditional IRA accounts up to $6,000 if you're under 50 and $7,000 if you're 50 or more. And use that as a tax deduction strategy. A tax deferral strategy to, for your 2021 tax return.

The last tax strategy I want to talk about is called tax credits. So I mentioned the tax credit you get for like sick leave, right? For having you or a family member having Covid, you get that tax credit up to $250. Other credits you can qualify for Possibly include the earn income tax credit them which is for low income lower income families, the or taxpayers, the American Opportunity tax credit which is credit for those that are within their first four years of college. The lifetime education lifetime learning credit which is you can claim every year as long as you're a student. After the American Opportunity Tax credit you have the child tax credit which I talked about with the advanced child tax payments. You have a child independent care so you pay daycare fees. These are all things that can be used to help reduce or eliminate your tax liability. So when I talked about tax deductions not giving you 100% dollar for dollar benefit on your tax, on your tax liability tax credit, on the, on the adverts give you a dollar for dollar application of your tax liability. So let's say for instance you have a tax liability of $8,000. But with all of your tax credits, the child tax credit, the child independent care credit, the earned income credit, the American Opportunity tax credit, your credit is equal to $10,000. Well that credit will immediately eat away at that tax liability and you get a refund of 200. So it's a little bit better for those that are in a position where they need to kind of have a refund because maybe you had a tough Christmas or holiday season and maybe things are just not, not well for you. So you want to legally apply for those, make sure you qualify for those tax credits. But of course they're there to help you if that you meet those qualifications. So I want to check with the chat real quick and see if there are any questions. So a friend of mine is asking me via FaceTime can he not take a salary last year from his business because he didn't pay himself one. So I can't answer a question like that. I want to know his business structure. Is he an escorp? It sounds like he's an escorp and he did did not take a salary. If you are an escorp or a subchapter S or small corporation, you absolutely have to take a a salary. You have to take wages. The wages have to be comparable to the market for your position. So the only way you can avoid paying wages is if the company is not in a position to pay you. But other than that, legally if you are an S corp or a C corp you absolutely have to take wages. So there's no getting around that. So it sounds like that may be his tax strategy, but I'm not clear. But please check with them and let me know.

Camille, real quick. So you mentioned something about sick leave with Joe Biden. Tell us that one more time because I don't think I got that clearly.

Yeah. So if you or someone in your, your family had Covid between April 1 and September 30, 2021 and you are self employed, so a single member LLC or a sole proprietor, and you, your company does not offer like sick pay or, or family medical leave, you can qualify for a refundable tax credit of $250, which is kind of equivalent to like a sick leave, if you will, for the self employed.

Gotcha. That $250. Okay. And.

Just now you mentioned single, single member LLC and sole proprietor.

So when I was filing my taxes, my, my, my CPA told me to add my daughter and give her 1% so that I was no longer a single member. Okay, why is that?

So are you now a partner?

I am the managing member and I'm 99%. I have 99% ownership. She has 1% and I'm a managing member.

And you made that, that change last year in 2021.

Yeah.

So even though you're managing member, but the fact that you have another member apart that's part owner of the, of the LLC, you're now called a multiple member LLC and your taxes will go on a 1065. And so what will happen is the income will flow through on the 1065 and give you what's called a Schedule K1 that you'll file your taxes. And so it may be a way to help your daughter. Is she like, I don't know her able. So what's her age?

She will be 15 May 7th.

Okay. Okay. So are, are you paying her a portion of the company income or.

I do. She's been working since she was two.

Okay. And.

So typically if you were to, were to have remained a single member LLC where you can hire your child and so even though it's a multi member, you can hire your child and pay them up to the standard deduction rate for single tax filers, which for 2021 is $12,550. So you can pay your daughter up to $12,550, it be a write off for you and tax free money for your daughter. The only thing with that is she has to do things that are.

Age appropriate. Right. You can't violate any child labor laws according to the Department of Labor and you can't use her money that you're paying her to pay your household bills and food for her. So you can use it to contribute to a 529 education plan. You can use it for her, you can use to, to devote to retirement plan for her. You can use it to give her, you know, money for shopping, whatever. It could be just a straight paycheck, but you can't use that, that money that she, that you're paying her for household things. But that's a great strategy that your CPA employed.

And so if I, if I, let me clarify. If I were a single member llc, I wouldn't be able to claim my child, I mean get the, or pay my child and get the same benefit.

No, you would. As a single member you would, you would. So depending on how much money your business made, it seems like you may have made a good portion of money in the business. And so it may be best to have you receive that income pass through on a K1 instead of directly going through on a schedule C to your tax return. So when you are a single member LLC or sole proprietor, whatever happens on that schedule C line 31, whether it's a profit or loss, flows through to your 1040. When you're a partnership, you do that 1065 and the information is then flows through on a form K1.

Gotcha.

And then you file that with your taxes. So you save a little, you save a little bit. And let me see here, it says you mentioned business structures. As a notary registered in the state of Texas, can I register my business, get my ein and set up an LLC in another state? You can, but I don't see the benefit in doing that. Here's why, and this is a misconception, you have people want to file Delaware corporations, Nebraska corporations, Nevada corporations because of their tax benefits. But when you do that, even though there's a tax benefit for like a Delaware corporation or Nevada tax corporation, when you go to do business in your state, your state is going to look at you like as a foreign business entity. And, and you may have additional taxes that you have to pay because you are a foreign business entity. So it's not always the best thing. So I'm not sure what state you're using. If you're using a neighboring state, are you going to have a registered agent? There are a lot of questions I have to ask and want to know why you're making that decision.

Oh.

And to Oswald, if your friend is a C corp, he absolutely has to mandatory take a pay a payroll check. He can't avoid that, that it'll be illegal.

All right, so we'll go ahead and keep the party going because I love talking about Taxes. So the next thing I want to talk about, so we talked about a few things already. It comes to taxes. I really want you all to understand what this tax season is going to entail. The IRS is.

Asking.

Mainly due to the price he said he made $20,000. The C corp made $20,000 as well. I, I would say he may want to just give me a call because I have some more questions. I want to know if the C Corp made $20,000 or if his going to be $20,000. I, I, I need to know a little more before I can, you know, give that answer. And now let me just say this. This is not tax advice or legal advice or, or accounting advice even though I'm a tax accountant. This is for information purposes only and this does not create a relationship between myself and you. If you have questions about your system, about your tax scenario, then please feel free to reach out to me directly and we can set up a consultation where I can ask you the proper questions to give you a better answer for your questions. But this is for information purposes only. So to kind of help guide you in the right way. So ador, it cost $300 to set up a business in Texas and $50 to set up in Missouri. So.

I understand that it costs money to set up your business but your startup fees are deductible.

So whether you're paying $50, I mean if you, if you're purely doing it because you don't have $300 to start your business the right way, then start as, depending on what it is, start as a sole proprietor. Make sure you have a good Arizona mission insurance policy and be careful and make sure you do good work right. So you can avoid lawsuits and then become an LLC when you can or when you can't afford it. But just choosing to file a business in another state that you don't live there, you don't have any ties there, I don't need, I need to know what kind of business it is because some business have what's called nexus or a lawful presence and you may have to pay additional tax depending on the type of business you are. So if you're like a product based business or you know, T shirt cups or whatever, that's an additional tax that you are paying in that particular state because you have nexus. So I know in Texas you all don't have like a state tax return on your individual income. So again it's not always cheaper long term to go that route. You're gonna have to pay a registered agent to be registered in Missouri, you're going to have to file your business as a foreign business entity in Texas, which will come at a cost. So long term.

I don't recommend foreign LLCs or foreign businesses, meaning they're built in another state coming in, unless you have the money to substantiate paying those registration fees. And other states may charge franchise fees.

So, you know, don't always go the cheapest route. It may bite you more in the end. You know, just start off small, grow slow. Make sure you have a great, great Arizona admissions policy and take your time for your notary business. Right. And make them start sole proprietorship. And then, you know, grow into the LL model when you're financially able. My information is down the screen to pass the info. So you can go to build B U I L D with Camille.com buildwithcamille.com.

Okay.

And that's my website. My accounting website is Drive like you're driving a car. Drive accountants Accomplishment O u n T A N t s drive accountants.com and so you can see kind of my. Both my businesses. But you can definitely book a consultation. I'll be happy to help you and talk to you about your tax needs.

Camille, can you put that in the chat?

I gotta learn how to do that. Let's see.

Or you know what, text it to me real quick if you can. I'll put it in the chat.

Honey. Ms. T, they got me on the stream yard. She's gonna have me. She's got me learning.

Yes.

I'm excited.

You up next, honey.

You see that? I'm gonna have to pull myself together. Yeah, I like it. It's really seamless. And so it just goes right to your YouTube.

Yes, it goes to YouTube, Facebook.

All of your Facebook channels and LinkedIn.

Oh, man, that's good stuff. So let me. That's my, my one page, my one bio.

Okay.

And so.

I don't know if you will allow this, but I wanted to make sure that your community, if they wanted to talk to me about their taxes. Again, you're no under, no obligation. But if you're looking for a reputable tax accountant to prepare taxes this year, I want to make sure I offered TJ's community a huge discount on my, my services. So if you sign up to be a tax accountant by tomorrow, you can lock in my 2021 rate plus receive 20 off of my services for being a viewer and a support supporter of tj. So I want to make sure that, you know, I extend an offer to you, you and you can do that by taking advantage. And the link is in my bio on the link that she's gonna want to put in. You can sign up that says under don't miss it. You can get that. And it will expire tomorrow.

Tuesday, the prices go up.

So real quick, it's HTTPs://backslash, backslash, flowcode.com flow page.

Oh, oh, hold on. Did not come back. Right.

Flowpage.com.

Okay.

Forward slash, build with Camille.

Oh, gotcha.

Okay, what's my Instagram? My Instagram is build with Camille. So the link that TJ puts in there, you're gonna have all of my deets. You can find me everywhere, right? Even my office. I have a physical office. You can look on Google Earth and find my office.

Easy to find.

Flowpage.com backslash buildwithcamill. Got it.

You can find all, all my links there on, on that page right there.

Yes. I love flow code. Flow co is. Is bay right now. Flow code is bay.

So let's go ahead, let's ask some more questions about taxes. Don't be afraid, right? You know, it's okay if you have a situation. A lot of people wonder sometimes why they owe, you know. So if you have a W2 job and you're like, hey, I have a business, you know, I don't know why I owe. A lot of times you're not having enough taxes come out of your W2 income. Some of you all will. Will do the exemption exempt on your W4. I'm about to. I'm about to tell somebody's business. I don't want to hurt your feelings, but I gotta tell you the truth. So here's the thing. IRS has this new thing they're doing called lock lockout. When you claim exempt on your W4 for three years, meaning you tell your employer at the beginning of the year, I'm. I'm not subject to withholding of taxes on the W4 form. And so you're like, listen, I need all of my money. I don't want any bit held up out of my paycheck. After three years, your. The. The IRS will tell your employer, listen, this particular employee cannot claim exemption anymore. And you'll be forbidden to claim exempt. And you're going to have to pay your taxes because that's a form of tax evasion, right? Because you are subject to income tax. So doing that on a day before is not right. You're evading your taxes. So the IRS is watching you all. Listen, the IRS paid out. The U.S. treasury Department paid out a lot of money with this pandemic. And they're looking for all kinds of ways to get it back. So you have to be very wise with your money and your dealings. TJ do you think people in your audience may have gotten the PPP loan last year?

It is very possible, yeah. Eidl, ppp. Yes.

Yeah, yeah. So one of the questions I, I received recently was, hey, you know, my company did receive the Eidl and I did get the ppp. How do I put that on my taxes? Well, the PPP is a forgivable loan and if you did your part to have it forgiven, you do not have to report that on your taxes.

All right? That is, that is tax free money. The IRS says, listen, you don't even have to put in your taxes. But what you do have to do, the business that you put down to claim that profit, that PPP loan you found dog on Mary Sugar, I mean, to make sure that you are still working that business because businesses that have gone out of business after they got the PPP loan, you will negate that forgiveness. And you know, it could be subject to criminal activity to me, to criminal charges, or you just need to pay it back. So make sure that whatever business you had, you told the government you had when you did your loan application that that business is still in operation to be filing your taxes. Secondly, if you got the Eidl loan that turned into a forgivable grant and you use it to pay your expenses, you can still write those expenses off on your tax return, even though the loan that was used to pay that was forgiven. So you can still take a deduction on those expenses you paid. So that's a double benefit for those that got the Eidl.

There are numbers. This is a numbers game to being exempt. Gotta know when to add it. Absolutely. So when it comes to not just exempt, right. The exempt amount is, is a, is a small portion. You're not going to have the exempt amount of your, of your tax, tax of your income be the same amount as a write off. It's not going to happen. Right. Because your notary fees are no more than 15 in California and my state in Georgia, $2. And in some states a dollar per notary act. So it's not going to be like a huge amount that you exempt from, from your income. Okay, but what will happen is I want to make sure you're aware when you do take part of the notary exemption on your schedule se self employment tax tax return.

You are not paying that particular money that was exempted you're not paying it into the Social Security or Medicare system. So when you're not paying into the Medicare or Social Security Social Security system, what happens? You don't put in, you can't get out. Right. So you want to make sure that you have an additional retirement saving strategy, which is I talked about that traditional IRA to help you save for your retirement plans because you are exempting or removing a portion of that income that would normally go towards your Social Security benefits by way of self employment tax.

So yeah, there is a game, right? It's definitely mathematical when to figuring out what's the best tax strategy to use for a particular client. It's very important that you do what's called tax planning. Now Today is the 16th. There are a few days I want you to be aware of. If you expect to owe $1,000 or more in taxes, in employment taxes, then you are legally required to file a.

Estimated tax plan. An estimated tax payment. That payment is due on Tuesday the 18th. And you can make, you can make your payment@irs.gov which is gov payments. And I usually like to use the Electronic Taxpayer Filing Electronic Federal Taxpayer System EFTPS system to make those tax payments. But you have to make it by January 18th. Okay. To to make for your fourth payment for 2021. Go ahead.

Wait a minute. Go back. Say that one more time. That sounded real important. I know we missed that.

So. All right, so let's say for instance you have not paid any taxes throughout the entire year 2021 of your business. Okay? The last day to pay your estimated tax payment to have it apply for 2021 taxes is January 18th. On Tuesday, if you expect to owe $1,000 or more on your taxes, you are legally obligated per IRS Internal Revenue Code to make an estimated tax payment. So you want to make that by January 18, 2021. You can make that payment by going to irs.gov/payments. P A Y M E N T S There are three different payment methods I recommend using the Elect the Electronic Federal taxpayer system or EFTPs. You can pay that with a bank account. But if you don't have a bank account, then there are other options you can use to pay with a debit card or credit card. Someone asks how about Health Savings Accounts? I love Health Savings Account. That's another wonderful strategy especially for those of you that are self employed. Now normally we hear about Health Savings Account through our employer, but what happens if you are 100% self employed? Do you still. Do you miss out on the opportunity to have a health savings account. No. There is a wonderful company called Lively L as in Larry, I V as in Victor, e l y lively.com that will allow you, as an individual tax professor, taxpayer or sole proprietor, sing member LLC to pay and establish a health savings account, which is another tax reduction strategy. Any more questions I can answer?

That was awesome. Because. Yeah, that was. That was a really, really, really, really good one.

Yeah, I just get all fired up about talking about taxes.

You should. That's what. Hey, that's why you're here, honey. That is exactly why I wanted you here. Give us all of the tips, all of the information you can because we have people that were waiting for you to get on here. Did I miss it? When, When I got sick last Wednesday. I. I was getting texts and everything. Oh, Lord, I missed it. Is there gonna be a replay? So people are excited that you're here.

Someone was asking me, can I talk about the lean. My lean business? Oh, okay. So you were looking at my link. My link. So I have a link, a training to how to create a lean business plan or also call a simple business plan. If you're looking to get your ideas about your business out of your head and onto paper and you want to be able to see if you qualify for business loans or grants, a lot of times they're going to request a business plan. And sometimes business plans can be intimidating, right? You have to do market analysis, cost analysis, you know, forecasting and looking at your swot analysis to look. To look at your competitors. It can be intimidating. So you can do the.

You can do the lean business plan. And I taught a wonderful class on that. And that's available for sale in my. My I learn vault where you. I give you the template and also a video showing you how to create that. So that if you want to.

Get started, you know, you know, applying for different things or getting funding or just being a better business owner, you can get started with that business plan.

My current. My. The amount I currently charge. So my website will not have the rates of my. Of my services because there's not one single rate for everybody. Everybody. Taxes are unique to everybody, right? So there's some of you all that may have spouses, and your spouses are fair. Fair on filing their own return separately. And you may be filing married filing separately. And, and that means I need to know what your other. Your spouse is doing on their tax that will affect your taxes. Or some of you all may be in different states that have more complex laws. Some of you may have A job and a business. Some of you may have a job in two businesses. So there's not one single rate for taxes because everybody's work is not the same. But for the year 2021, starting on Tuesday, if you are looking for me to my firm to prepare your taxes, our rates will start at $450 starting on Tuesday for a self employed sole proprietor or scheduled, excuse me, single member LLC return. In the year of 2021, we were at $380 because it wasn't as complex, but now we have more due diligence. Right. So as a small business owner, there are more documents that I have to get from you and ask you about and report to the irs. I have more increased due diligence for your earned income credit and American Opportunity and head of household filing statuses. We have to look at the advanced child tax, direct payment, the economic impact payment or recovery rebate, recovery. We gotta look at covet, sick leave. There's so much more going on this tax season that I have to look at. It's more complex. It takes more time, takes more knowledge, and takes more due diligence for me to make sure you qualify those for those credits. And so therefore, the rate has gone up in 2022. But again, you can lock in my 2021 race plus receive a 20 discount because you are TJ's fan base by booking your appointments and locking in that rate by tomorrow. After tomorrow, it is gone. And on Tuesday, the rights go up. Yeah, listen, I love my girl tj and I said, you know, my people and I want to just go ahead and be here to help you all and, you know, and I want to make sure I can be as effective to you all as possible.

Yeah. Okay, so what time tomorrow? Because we have some people who had to work today.

So can you give us 11, 11:59pm.

Can I hold it to Tuesday? Yes.

You know. All right.

Y' all better get on the ball because you have until Tuesday. So if you are looking at this live late because you were at work, because some people came in and said, hey, tj, I'm about to go to work, I'm gonna miss it. You better get on it asap. Do not hesitate, don't wait. I love Camille. She is amazing and so knowledgeable about everything that she speaks about. I mean, she knows, you know, what I love about her is that she is for us, by us, like fubu, right? I mean, she's one of us. So she understands this business and what the tax code says regarding, you know, the notarial business. And that's, that's, that's huge because a lot of people don't. So there are some things that they'll miss.

One thing I want to talk about, because we're notaries, we use our vehicles a lot. So vehicle expenses are a huge write off for taxes. Taxes. But there are two ways to exempt or claim a vehicle expense. With the vehicle expense, there are some rules that come come with that. So most notaries know about keeping track of your miles, right? And writing your mileage off. When you are a mobile notary or notary period. Right. Or any kind of business that you're using your vehicle for in the course of commerce, you can deduct those business related miles using standard deduction. For 20, 21, the standard deduction rate was 56 cents per mile. Okay? So for all of your business miles, meeting clients, going to conduct your signings, going to the FedEx or UPS, going back home to scan or fax back to your home office, all those miles, all those trips, you can multiply times $0.56 and that will be your vehicle expense. That's a simple way of doing a vehicle expense, right? You don't have to keep any receipts, just all you gotta do is keep track of your mileage. So as a hint, if you have not looked at your odometer for 20, 22, do that, look at your odometer, write that number down, okay? That's very important. So you want to know exactly when the business mouth start for this year, okay? So write that down, keep it in a little, a little book. And then December 31st, look at your odometer again so we can have that in the number, okay? Now the second way to keep track of your vehicle expenses is what's called the actual method. So when we talk about people saying I got a G wagon and I wrote it off, that's called the bonus 179 section. 179, Internal Revenue Code. But if you claim mileage, you can't claim anything else, okay? You can't claim your gas, parking, tolls, maintenance, tires, anything. Once you, once you claim mileage as your method of accounting for your vehicle expenses, that is it. It you don't get to have double dip, right? You can't dip over here and dip over there, right? You can't do. And do. It's, that's it. You made a decision, y' all together for the life of that vehicle. Okay? Now if you are, and I'll get your question about Uber in just a second. If you are in the first year of your business and you say, okay, hey, listen, all I knew was about the simple. Was a simple way of accounting you for my vehicle, which is the mileage. But now I think I probably need to change. If you have made it your first year, in your second year, you can't elect to be taxed as that actual business expense where you write off all of your receipts, right? I got new tires, I got, I paid for parking, I paid tolls, I got gasoline, I had oil changes, right? All your maintenance, you can write all those off. You can also depreciate your vehicle, right? And so depreciating the vehicle will be a, a long term deduction every single year for the expected life of that vehicle, usually about five or seven years, okay.

And you also may be able to expense a portion of it the first year under the bonus 179 IRS tax code. Okay. You can only expense under the bonus 179 tax code up to $1 million. And you get 10% of that, which is like the rest of you carry forward. It's kind of hard to explain, but I want to make sure you at least understand a little bit. But most of you all will qualify for that standard miles deduction rate. And yes, that's for Uber as well. Uber Live Instacart, doordash. Right. Any, any small business, Any. So, I mean, you know, insurance agents.

Mary, Mary, I mean, well, Mary Kay Avon, any small business that you had and your business used mileage to meet clients to conduct business, right? Not to just go hang out the restaurant, but to actually do business, you can use that as a write off on your tax return under the standard mileage deduction. So that is a great, great strategy.

Oh, Instant light. Well, thank you. Let me. I wish I could like heart you all back. I want to heart you all. So thank you for the likes. Any questions, go ahead. Feel free to pop them in the chat. I want to make sure that I provide you with value, right? So even if you have a relationship with the, with, with a tax professional or an accountant, I want to make sure that I give you some information so that you can make sure that they're doing right by you. Right? You know that. Okay, I heard this. Let's see if Maya Preparer knows anything about that. Right? Fact check me. Never believe what anybody says. Make sure you fact check them, right? So you can learn about what I'm saying by reading IRS Publication 17. Right? 17. Tax code tax book 473 from 463. 510, 505. Fact check. Whoever is giving you information, don't just take it as their word is law. Because when you file your tax return you're saying that I understand under the penalty of perjury, what is going on my taxes. So anybody that's giving you information, it doesn't matter if they're ticking and talking, bopping and laughing, right? If they can't tell you where it come from and you can't find it on, on the IRS Internal Revenue code, don't trust it.

And welcome back otj. Any questions for us?

So. No, I, I don't have any questions. You have done an amazing job. We have four minutes to go. Mr. Oswald said, I'm planning to buy a vehicle at £6,000 for 20, 23's write off. All right, all right. That's that G wagon, huh?

It's a G wagon. Well, so that's that bonus. Yeah, you did, you're right. That's that bonus 179 he's trying to do. Mr. Oswell, do you have a profiting a business to substantiate a loss? That much of that much?

Not trying to get business, but you know, it's possible. But you want to make sure that that's a huge loss. Which means that your profit and loss statement, your schedule C, if you're a single member LLC is going to have to be a smaller amount. And if you're trying to purchase property or qualify for a loan or get a house, they're going to say even though you made a hundred thousand, two hundred thousand dollars a year, if you roll off all this money and your profit is only $30,000, guess what they're gonna, let's say, okay, hey, we're basing your loan off of $30,000. So that nice $500,000 home you want, you couldn't, you can't get because technically your profit is only 31, 000. So I want to make sure that we're clear on that when we're doing those tax planning, tax strategies that you actually could benefit from and not be hurt from it. Well, if you can, you can do it. Write it off. Good deal. I support you, you know, and that's a very ambitious goal. I hope you meet it.

Absolutely. Absolutely. Well, dear family, okay, Oswald, you over there making a lot of money. Praise God. We love it. We love it. So, you know, one of the things that I wanted to mention this evening as well, Camille, if you have anything else that you want to shout out, tell us about, please don't hesitate to do it. I saw that you offer a fingerprinting class and some other things. So hey, this is your platform tonight. Take over.

Yeah. So if you are in the Atlanta, Georgia. I'm in Atlanta, Georgia. I have my actual my own office. If you are looking to learn how to be a fingerprinting technician. I have a course that has been approved by a government agency for me to teach. You can become a certified fingerprint technician. I have a fingerprinting office in my office. Here you get the written instruction videos. Learning about biometrics, how to fingerprint when a person has multiple digits, missing fingers, deformed fingers, how to report that, how to record it, what are the, the laws and how should you, how should you have your table? How low should your table be? What kind of tools and supplies should you use? Then we actually have someone who is a retired military officer take you inside my fingerprint office and teach you how to hold the hand. Complete those forms, right? Make sure you're keeping a saf distance and not you know, being overly close with where the customer feels.

Uneasy. So you can do that again. The link that we posted earlier, the flow page.com forward/build with Camille, you will see that there. All right, you can sign up for that there. I also have my notary business accelerator. It is a six week course to help you be a better NORI business owner. I'm so excited about your, your apostle class. I gotta jump on in with your tj but if you are looking to understand your business entity structure, right. You're looking at getting your operations together. What is your, who is your customer? What is your brand voice? Everybody's not your customer. And you know, maybe you wanna, you wanna grow outside of just working with signing service and you want to be the signing service. What does.

You can learn about that on my website, buildwithcamill.com under coaching you'll see my notary business accelerator. Today I had the pleasure of having some people in my office from Indiana, Florida, Texas, Alabama. We did a all day intensive in the office learning about business operations. So really good. So glad to have that. So I look forward to support to supporting your community.

Awesome. So I love that shoes. Oh boy, that, that sounds really good. And I mean, you know what that is. So it's a six week intensive. That sounds really good. What's the cost of the six week intensive?

It is 3.97. It's very affordable, very affordable.

Very affordable. Now normally that would be about twice as much. We'll be looking at 6.97. But again, I understand that if you're coming off of the holiday season and I got a full, I'll be honest with you, I have a full year this year. So if you don't get me now, the next time I offer it, it is. The price will not be the same. Right. I am trying to make sure, I understand that you just came from holidays, but you're ready to quickly kick the year off. Right. So I'm offering that at 397 and that will get started on January 30th for six weeks.

And you know, I mean, I, I understand that a lot of people don't understand in a way in our community, but for the value that we offer, other communities would charge, I mean, in the thousands. Yeah, you're talking about 397, 697. They'd be 2,000, 5,000, 10,000 for the amount of information and the details that we offer. So a lot of this is, man, it's an act of love. It's an act of love, y'.

All.

Because what goes on behind the scenes for us in having to prepare all of this is more than a notion.

It's a lot of work and it is definitely a labor of love. I love our community and I understand that, you know, some of you all are in are, are becoming noticed because you are facing some economic insecurity. And I'm hoping to help, help you along with tj I will help you build a better business that you can be able to have financial security in your life. But you know, and, and understand that, yes, it may come through notary, it may come through, you know, other things that she's involved in. But we're here to help you. And I, I hope that you all hear that and, and that sincerity and because we're definitely here and I'm so glad to be here with, with tj. Someone asked me, does my fingerprinting class give a certification? Yes, you become a certified fingerprint technician. Can you take it if you live in Texas? Yes. I had my last class I had in December. Last month we had people coming from Virginia.

Texas, Florida, all over. People come from all over to take my class. And so you're more than welcome. You can travel. We'll have you.

Know. The fingerprinting class is for one day, three hours long in my office. The notary business accelerator is a six weeks course taught every Sunday with homework assignments every Sunday for six weeks. And we teach you how to build that notary business the right way. So it's not a loan Signing class. I'm not teaching you how to do loan signing docs, right? I'm not going through long signing docs. I'm not teaching you notary law and jurettes and oaths and affidavits. I'm teaching you how to do, how to build a business out of it it so you understand, okay, what is my value? How much should I charge? What am I worth, right? Am I charging the right amount of money? Am I, am I undercutting myself? Can I to the point where I'm not out of business? Who is my customer? How do I market to these two corporations? Who wants me? What does it mean to be a hub zone or opportunity zone business? All these types of things that make you a great business owner is what I teach in my, my six weeks class class.

Ador P said, how much is the fingerprinting class? 199. Yeah.

199. 199.

That's a steal, man. That's a steal. Yeah. See, see the, what I love about this is we're showing you how to make money, man. I mean we are putting money in your hands, basically showing you how to make money. It is an investment in yourself to go to the next level in your business and the next level in your life because it is nothing for me to show you how to make 10 to $20,000 a month. $10,000. I can get you there.

I can get you there.

20,000. If you can sit in one spot and just notarize, notarize, notarize, notarize. You can get there easily.

Yeah.

For real? Yeah. So I mean, yeah, this is, this is amazing. Thank you so much.

Hi Janice. Adorn says off topic, but I feel like, you know, starting a holding company. Yes, I know how to do holding companies, but the point is, should you do a holding company.

What, what, what are your, what are your goals? How many companies are you going to have are held under the umbrella company? Are they all different businesses or are they all the same businesses? A couple of questions I want to ask before I advise you about a holding company company. You probably want to have a conversation with me. Click the link that we just posted so we can talk about that.

And you know, this is one of the questions that I contacted Legal Shield about in Texas. We can, we can create what's called a series llc. Have you ever heard of that?

I have, yeah. But I have never formed one, so go ahead.

So, yeah, so I have, I formed one.

And I. So when you own different properties, it's a real interesting dynamic because one of the things that I questioned him about was, you know, having the. The cloak of an LLC is sometimes so that people don't find you. So you don't want to put all of your eggs in one basket. Right? Why would you want a series llc? So these are questions that of course, I mean, they talked me into it, so the answer must have been good. I can't remember what it was was right now because I do have a series LLC for solutions by TJ in in different aspects of the business. One is consulting, the other is education and something else.

But man, legal shield is amazing.

It is, it is a lot. Lots of listen, when you have, when you're making that business structure found questions when you have contracts that you want them to review, when you want contracts made up. So because you're ready to expand and you know, and hire people and hire contractors, it is a wonderful, wonderful benefit. I think every small business owner needs to have it.

Well, I love you guys. The life. We're not going. We. Look, we are not gonna wear Miss Camille out tonight. You guys have her contact information. I suggest heavily that you contact her with any questions that you have. She is amazing. It sounds like that six week intensive is something that I haven't heard of, of other people offering up. Right? A lot of people show you the docs, show you this, so show you that. But actually building the business in an intensive, that's. That's good, y'.

All.

That's real, real good. So if that's something that you're interested in, please reach out to her. The links her flowpage.com backslash BuildWithCamille is the site that has all the. The contact information to get in touch with her for fingerprinting, for her classes, for her office. For anything that you want, you can go to flowpage.com backslash build with Camille. And I want to thank you guys, man, y' all know I love you to life. I appreciate you for showing up, appreciate you for being here, appreciate the people that love me to life. I love you right back. I. I promise, I promise, I promise. I do. And Camille, thank you so much for being with us and blessing us with your information. We greatly appreciate it. I know this video is going to be very, very helpful for a lot of people for years to come. So, you know, there are always changes. We live in a whole new world right now with everything that's going on. So listen, we will be glad to have you back next tax season and. Okay, see you then. All right. I'll be blessed.

Have a good one. Thank you so much for having me.

Okay, thank you.

All right, bye.

Okay, fam. We made it over an hour.

Anybody have any other questions before we head out?

Lashawn.

If you are still on.

I need for you to call me. Lashawn with notary institution.

Oh, yeah. Her flow page is the team, baby. It is. Oh, it's a lot. She's making me like flow page. I use societal, but, I mean, it has all of her contact information on there, and it's really, really good.

Okay.

Okay, well, honey, let me go. I will speak to you guys later. I love y' all to life. Y' all take care and have an awesome and amazing evening.

Oh, awesome. Emery Brown. Good, good, good. Come back and tell us about it. I know it's gonna be amazing. Shoot, I might join it myself.

I really might.

Okay, good night. Latasha, you have a prosperous week as well. All right, y'. All. Love you to life. Bye.