by KYW's Salil Gutt

With tax filing time just around the comer many of us are tuned to strategies that can put a hatchet to income taxes.

Here's one that can save a bundle in taxes though, admittedly, its audience is small.  If you have a good six figure income and are either self-employed or work for a small professional practice, you may want to consider a good old fashioned pension plan. Large corporations have been bailing out of pension plans because of the expense but such plans make a great deal of sense for other audiences.

The ideal candidate for a personal pension plan is self-employed, over age 50 and has steady high income. The payoff with such a plan is the ability to kick in between $100,000 to $150,000 annually for a minimum of five years.

Besides the dramatic tax savings it is also a great way to play catch up in a hurry with retirement contributions. If this appeals to you, your next step is to contact your accountant or an actuary to flesh out the details.