2. Make retirement plan contributions. If you have self-employment income, consider establishing a Simplified Employee Pension (SEP) or individual 401(k) plan if you haven’t already, or adding to them. These plans don’t have the same income limitations as IRAs, plus you may be able to deduct up to $51,000 ($56,500 for individuals 50 and older) in a given year, depending on your earnings. If you’re an employee with a company 401(k) plan, there’s still time to salt away some cash in that tax-deferred plan.