Are contributions to profit sharing tax deductible?

Answer Profit sharing plan contributions are tax deductible, but only up to a certain limit. The deductible limit is set by both federal and state agencies and tends to vary from one year to another. Self... Read More »

Top Q&A For: Are contributions to profit sharing tax deductible

Are Contributions to a 527 Tax Deductible?

A 527 is a tax-exempt political organization formed to influence the election. It does have a tax-free status that allows unlimited gifts from contributors. Those contributions are not tax-deductib... Read More »

Are USO contributions tax deductible?

The USO Care Package is a 100 percent tax-deductible donation to soldiers fighting overseas. When you make your contribution, you will receive a receipt for the donation amount for tax purposes.Ref... Read More »

Are SEP IRA contributions tax deductible?

SEP IRA contributions are tax-deductible. A SEP IRA is a tax-deferred retirement account, which means that the money grows tax-deferred, but you must include withdrawals from SEPs as income on your... Read More »

Are 529 Contributions Tax Deductible?

Contributions to 529 college savings plans are not tax deductible at the federal level, according to The Motley Fool. However, according to Kiplinger, 34 states and the District of Columbia allow y... Read More »