Unlike deductions for charitable contributions to IRS-recognized organizations, there is no income tax deduction for gifts you make to individuals. What’s more, if gifts of cash exceed the annual gift tax exclusion—$15,000 in 2021; $16,000 in 2022—you must file Form 709, but in most cases no gift tax will be owed because of the lifetime exclusion.
A defined contribution plan under which the amount contributed to the employees’ accounts is based on a percentage of the employer’s profits.