You still have time to contribute to your IRA. There isn't much you can do to cut your 2008 taxes now that 2009 is well upon us. But you can still sock away up to $5,000 ($6,000 if you're over 50) in an IRA and apply it to your 2008 tax return if you do so by April 15. An IRA contribution reduces your taxable income by the amount of the contribution. If you're a small-business owner or have freelance or consultant income, you have up until the date you file your taxes, including extensions, to make deductible contributions for last year to a SEP IRA or individual 401(k) plan of up to $46,000 (plus another $5,000 for the 401(k) if you are over 50).