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It’s true. You can save for your retirement and reduce your Federal tax at the same time. You can still reduce your 2015 tax bill by depositing money in an IRA account. Dependent upon the tax rate, making this last minute contribution to an IRA could save you hundreds of dollars. How?
* You save more the higher your tax bracket. By contributing to an IRA you can defer income tax on 
up to $5,500, you can reduce you taxable income and if you’re due a refund, you may get more. Of course there will be income tax due when you make a withdrawal from the account. Depending on the current tax rate and the tax rate at the time of withdrawal, it’s possible that you may owe a higher tax rate.
* Over 50 years old. If you are 50 years or older you can get a larger tax deduction by contributing an extra $1,000 to an IRA account.
* Spousal IRA. If both you and your spouse open an IRA in your own names, you can double the tax break. When there is only one spouse employed and you file a joint return, the working spouse can contribute to both IRA’s. The amount of the tax break will also depend on your age and tax bracket.
* Saver’s credit. This is a tax credit may be between 10% - 50% of your 2015 contribution to an IRA. This credit is for individuals that earn $30,500, head of household earning $47,750, and married filing jointly earning $61,000. This credit is can be used as well as the deduction for your IRA contributions.
* State deadlines. The deadline dates can be different for each state. Ask your accountant how to proceed and about the deadlines in your state. Don’t be late. In order to count as a 2015 contribution, all contributions must be postmarked by the tax deadline. It’s probably a good idea not to wait till the last minute in case there are some issues with the contributions.
