April 15, the deadline for individuals to file their taxes is rapidly approaching. I would like to bring down my taxable income for 2007. How can I do this?

Q: April 15, the deadline for individuals to file their taxes is rapidly approaching. I would like to bring down my taxable income for 2007. How can I do this?

A: One way you can bring down your taxable income is with an IRA contribution. Contributions made from now until April 15 are tax deductible on the previous year’s taxes. IRA contributions of up to $4000 or $5000 for those of you age 50 and above can be deducted from last year’s taxes.