| INDIVIDUALS 529 EDUCATIONAL SAVINGS PLAN - Kansas taxpayers receive an annual adjusted gross income deduction of up to $3,000 ($6,000 if married, filing jointly) for their contributions per student, per year. The earnings portion of withdrawals used to pay for qualified education expenses is tax free at the federal and Kansas state levels for years 2002-2010. - For Oklahoma taxpayers, the amount you contribute can be deducted from your Oklahoma taxable income up to a maximum of $10,000 per year ($20,000 for couples filing jointly). Any amount of a contribution made after 2004 that is not deducted by the taxpayer may be carried forward as a deduction from income for the succeeding five (5) years, subject to the annual maximum deduction on contributions. Get 294 issues of The Wall Street Journal for ONLY $.67 per issue SMALL BUSINESS OWNERS - CREDIT FOR EMPLOYER PENSION PLAN SETUP - For an eligible small employer the credit is 50% of the qualified start up costs paid or incurred during the tax. The credit is limited to $500 per year for the first credit year and the following 2 tax years. REDUCE EMPLOYMENT TAXES - If you don't offer a Section 125 plan for your employees you may be missing out on reducing your share of employment taxes and also providing on much needed benefit for your employees. Additionally, you will probably find that in offering such a plan the savings far outweigh the expense. Subscribe now to The Wall Street Journal and get up to 8 weeks FREE |