The income received from rental of a commercial vehicle earned income for IRA or SEP / IRS uses? I rent a commercial vehicle to a private trucking company. I paid the driver and the income I receive expenses.Is earned income for IRA purposes or September with the IRS?
In general, if you pay FICA and Medicare taxes on it, then yes.
Disclaimer. The information contained in this answer is for general and should not be construed as specific tax, legal or investment advice for any individual. The caller is asked to contact their own professional advisors before putting a tax or investment strategy.
Not directly.
If you have a C corporation, then the money he pays you a salary or wage income is earned, but the money he pays you a dividend is not.
If you have an S corporation, or simply do as a sole proprietor, not a company, while your net earnings, as indicated in Schedule SE, after subtracting all your deductions for expenses, is income earned .
Posted on February 1, 2010.
