If you're self-employed and haven't yet opened a Keogh retirement plan, you have until Dec. 31 to take advantage of this tax-saving opportunity for the year, according to officials at Deliotte & Touche, 50 S. Main.

Blaine Nelson, a partner-in-charge of the tax department of the firm's Salt Lake office, said as long as the Keogh plan is established before the end of the tax year, you have until the due date of the income tax return (including extensions) to pay the contribution to the plan and be allowed the Keogh deduction for the tax year in which the underlying income was earned and received.In certain circumstances, according to the Personal Tax Planning Guide 1990-91, recently published by the firm, you can establish a Keogh plan even if you are covered by an employer's retirement plan, said Nelson.

"Self-employment income from activities such as a part-time business venture or compensation for being an outside director may qualify you for a Keogh plan," he said.