Doctors, dentists and business owners with more than $321,400 of 2019 adjusted gross income have one last chance not to pass up on this tax and retirement planning opportunity.

With just weeks before the end of the year, time is running out to reduce your 2019 tax bill while socking away a large sum in federally tax-advantaged retirement savings accounts. These tax breaks written and ratified by the U.S. Congress and signed by the President, and their enactment meets judicial standards. Although the government never gets credit for doing anything right, these laws provide a reliable framework for strategic tax and financial planning.

This strategy is particularly useful to professionals and business owners in their peak earning years, who have not saved enough to retire or want to jump-start the process and try to retire as soon as possible.