How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
870116
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

I am the sole proprietor of medical practice. In 2015 I paid

Customer Question

I am the sole proprietor of medical practice. In 2015 I paid my employee $65,000 from the defined benefit retirement plan for the practice. Can I deduct that amount on my 2015 personal taxes?
Submitted: 7 months ago.
Category: Tax
Expert:  Lev replied 7 months ago.
Wages paid to employees are generally deductible.In additional to wages - you may deduct employment taxes and contributions you may to qualified retirement plan on behalf of your employees.
Expert:  Lev replied 7 months ago.
That is REGARDLESS how your business is organized. That is true for the solo proprietor,As long as that employee provided services for your business - wages and all related expenses are deductible.I am a little confused with your statement that you paid FROM the defined benefit retirement plan...If that is YOUR account and you took distribution out of that account - that distribution will be reported as your taxable income regardless how proceeds are used.Let me know if you need any clarification or have other tax related issues..I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you will all tax related issues.

Related Tax Questions