Slash your tax bill

New rules and a new President have changed the tax game. Use these strategies to save on your 2008 bill - and reap even bigger savings in the years to come.

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4. 2008 return: Fund your retirement

<b>2008 return</b>: Fund your retirement

You have until April 15 to send the check for a 2008 IRA, and you can sock $5,000 away, up from $4,000 last year. No matter what your household income, your traditional IRA contribution is deductible if you don't have access to a retirement plan at work. If you do have a 401(k) or 403(b), you still should be able to write off your contribution if your modified adjusted gross income is $85,000 or less.

NEXT: 2008 return: Profit from your pain (Part 2)

Last updated March 02 2009: 9:16 AM ET

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