Many people also make extra 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 Greene-Lewis.
If you are 18 or older, you can max out your contributions up to $18,000, and if you are over 50 you can put in an additional $6,000 for a total of $24,000. Those contributions must be made by Dec. 31.
With IRAs you have until April 2017 to contribute up to $5,500, and if you are over 50 there's an additional $1,000. Those who are self-employed can make additional 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 and they also have until the tax due date to do it.)
Then you can also profit from the Saver's Credit come Tax Day, which can be taken for contributions to a 401(k), traditional or 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."