Self-employed retirement plans, such as the profit sharing and profit sharing/401(k) plans offered by the Program, are particularly valuable options for reducing your tax bill now and accumulating tax-deferred retirement savings for later. In 2019, you could feasibly contribute 20% of your net self-employment income (based on a maximum net income of $280,000 in 2019) plus $19,000 in elective salary deferrals to a profit sharing/401(k) plan for a total maximum contribution of $56,000.*

Are you maximizing your ability to contribute? Do you need assistance calculating your contributions? This can be complicated, and the Program can help. Reach out to us at and we will calculate your maximum contribution.

*If you’re 50 or older in 2019, you can also contribute an additional $6,000 in catch-up contributions to a profit sharing/401(k) plan for a total of $60,000.