Beckham County, Oklahoma. Beckham County is a county located on the western border of the U.S. state of Oklahoma. As of the 2010 census, the population was 22,119. Its county seat is Sayre.
Implementing and funding a Cash Balance Plan could substantially increase tax-deductible contributions resulting in significant tax savings to business owners. Under a 401(k) profit sharing plan, the 2013 maximum deductible contribution for an individual is $51,000 (or $56,500 for individuals over the age of 50). However, when a Cash Balance Plan is combined with a 401(k) plan, the deductible contribution for an individual can exceed the 401(k) plan maximum by a sizeable amount.
The Simpleâor Savings Incentive Match Plan for Employeesâcan be used for a sole practitioner or for a small business with fewer than 100 employees. The maximum contribution is $12,000 per person ($14,500 if youâre 50 or older) but it cannot be used if youâre covered under another retirement plan (other than a Roth IRA).ust as with IRAâs, contributions are determined by modified adjusted gross income (AGI). But unlike IRAâs, if you exceed these limits, you cannot make a Roth IRA contribution at all. For 2014, for single taxpayers, eligibility begins to phase out at an AGI of $114,000, and is gone completely at $129,000.