+ More. It's not too late to qualify for a tax deduction that could save you more than $1,000 on your 2012 tax bill. All you need to do is contribute to an IRA and then watch your tax bill decrease. You have until April 15, 2013, to make an IRA contribution that will reduce the taxes you owe for tax year 2012.he tax savings from making an IRA contribution in April can be enormous. If an employee who is in the 25 percent tax bracket contributes $5,000 to a traditional IRA, he will save $1,250 on his current tax bill. He is able to defer paying income on that $5,000 until the money is withdrawn.