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Contribution Deduction Limits

2021 – 10/05 If an employer has both a defined contribution retirement plan and a defined benefit retirement plan, what are the limits on contribution deductions? The IRS answered that question in an “Issue Snapshot.” Generally, an employer’s contributions to a qualified plan are deductible if they’re ordinary and necessary expenses and compensation for services rendered. However, contributions are limited. To read the Issue Snapshot: https://bit.ly/3BdOCqN

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