But they have fallen out of favor with employers because of the huge responsibility of ensuring future benefits. Because of his large plan contributions since the mid-1980s, Castronovo fully funded his Keogh in 1996. So he rolled that money into a different kind of account. Employees are not allowed to make contributions to SEPs. The employee contributes to the account as well as the employer.
Contributions made by employers are tax-deductible.
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