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A Simplified Employee Pension (SEP) is a tax-favored retirement plan mainly for self-employed taxpayers. Contributions to the plan are tax deductible. The maximum contribution for 2013 is the smaller of 20% of net earnings from self- employment or $51,000. Contributions for the 2013 tax year are due by April 15, 2014, but you can extend the contribution deadline to October 15, 2014 if you extend the due date of your return.