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LLC status limits benefit deductions

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in Small Business Tax

Q: We run our business as an LLC (a husband and wife partnership) and have a SIMPLE retirement plan. The company deducts the contributions it matches for employees. Can it also deduct the matches for my husband and me? L.J.S.

A: Yes, as long as you follow the rules for calculating matching contributions. For purposes of the retirement-plan rules, LLC owners and partners are considered employees.

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