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Show I Changes triple Keogh limit Farmers, ranchers, custom operators and other persons now have personal retirement program limits that are three times as high in tax deduction allowances, according to M. Eugene Carroll, manager of the Utah Farm Bureau insurance compaself-employ- ed nies. Signed into law on Labor Day, the Pension Reform Act of 1974 amends the Individualss Tax Retirement Act (Keogh Act) to allow limit of IS percent of a net earned income up to a maximum of $7500 per year. The former limit was either 10 percent of net income or $2500, whichever was less. Because the new limits are retroactive to January 1, 1974, both people with existing retirement and those who have planned to start such a program this year can take advantage of the increase for all of this years income. The Keogh Act permits a person to reduce his federal income tax bill substantially and save Self-Employ- December 1974 Utah Farm Bureau News Page 6 ed tax-deducti- self-employ- ed money for. retirement at the same time. This new higher limit will permit Utah ranchers and farmers to set up a much more realistic retirement program, he said. They can defer taxes on up to $7500 per year, accumulate interest on their investment, and not pay on this . money until they retire, when they will probably have a lower income and lower tax payments. Farm families can set up their Keogh retirement plan with several kinds of funding, including life insurance or an annuity? he added. Farm Bureau insurance agents can give in; formation and help in setting up a d retirement plan. The Farm Bureau insurance officer cautioned that a person with a Keogh plan must also cover any of his employees who have three or. more years of service. He urged that interested persons contact their Farm Bureau insurance agent right away, since the end of marks the deadline for tax deductions on 1974 income. Keogh-qualifie- self-employ- ed de-cemb- er Hirts Dixieland band signed for AFBF convention Al Entertainment highlight of the American Farm Bureau Federation annual meeting in New Orleans Janu1975, will be the Dixieary land jazz music of the famed Al Hirt and his band. Sightseeing in the French Quarter and other historic spots around New Orleans, outstanding speakers and special interest conferences at the convention are other attractions for Utah Farm Bureau leaders planning to attend. The recent opening of a new block of seats on the agricultural study tour to Book of Mormon sites in Central is welcome news America January for late applicants for the limited number of seats first announced. The tour, coordinated by Beehive Tours and Travel of Salt Lake City, will take nearly 100 Utahns to Yucatan, Guatemala, and a seminar at Tikal. Persons interested in joining the 5-- 9, WlL OF ClOTNf IVV yooa SCFNTOftrfO $649 tour (based on double 11 -- day, 9-- 16 farmer-to-far-m- SANAercie occupancy) induding the AFBF convention, should send a $100 deposit for each person to Beehive Tours and Travel, 1325 South Main, SLC 841 15. Reservations for the convention only can be placed at the same address. Double occupancy cost for the trip is $269. er 4-d- ay double hall of fame specials No. 4116-- 9 16 with popular S-- K pc. 12" drive Socket Set ratchet For home, farm and Industry. In metal box. All parts, reg. value: $53.41 ( Magna driver with 4 bits. Vinyl pouch. All parts, reg. value: $27.61 plus S-- K Unconditional lifetime guarantee against bireakag UN1CO TILLERS 5 h.p. B & S engine Chain drive with reverse 16 tine IMcCUlLOCH CHAM SAWS GRAIN COUN A finely engineered multiple use handsome hardwood case. Grinc for one batch of bread in just foi From $114.95 to $199.95 Reg. $239.00 INTERMOl If Until Christmas $249.95 IFA sells it American Fork, Utah 28 N. 1st West. 1 Loa, Utah 80 South Main, Cedar City, Utah Logan, Utah 2355 North Main. 756-452- N. 200 West, 586-631- Delia, Utah 555 Clark Street, 2 864-211- 0 Draper, Utah 1045 E. 12400 South 83&-283- 1 752-554- 1 Mantl, Utah 597 W. 2nd North, 835-420- 1 Ogden, Utah 1375 Wall Ave., 394-275- 6 467-150- 4 Payaon, Utah 57 W. 1st North. 465-223- 9 y |
