Simplified Employee Pensions (SEPs)

In my opinion, SEPs are the best way to put aside funds for retirement for the self employed with no employees. You can contribute up to 20% of your net self employment income to a maximum of $51,000 in 2013 to your SEP by the extended due date of the tax return. This contribution is tax deductible and grows tax free. There is also no reporting requirement like there is for other more complex retirement plans like 401k plans. You don't even have to establish a plan until the extended return due date.  If you have employees, then you have to make the same percentage contributions for all eligible employees.