Most folks also make their retirement contributions around now, and much of what you put toward your nest egg is a tax savings too. "If you contribute to your 401(k), you lower your taxable income," said TurboTax's Greene-Lewis.
If you are 18 or older, you can contribute up to $18,000, and if you are over 50 you can contribute an additional $6,000 for a total of $24,000. With IRAs you can contribute $5,500, and if you are over 50 there's an additional $1,000.
Those who are self-employed can make tax-deductible contributions to a Simplified Employee Pension account, or SEP IRA. Those savers can contribute up to 25 percent of their net earnings for a maximum contribution of $53,000 this year.
Then there is the Saver's Credit, which can also be taken for contributions to a 401(k), traditional, Roth IRA or SEP, of up to $2,000 (or $4,000 if married and filing jointly), depending on your income. In this case, you can double dip, according to Greene-Lewis. That's what's called a "double benefit."