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This post is by Laura Saunders of The Wall Street Journal.

Hoping to trim your tax bill for 2012? It isn't too late to make a few smart moves.

Contribute to a traditional or Roth IRA by April 15. The upper limit on contributions is $5,000, or $6,000 if you are 50 or older. You must have at least as much earned income as your IRA contribution, and income limits apply.

Regular IRA contributions are often tax-deductible, but withdrawals are taxable. Roth account contributions aren't deductible, but qualified withdrawals are tax-free and have other benefits for retirees.

For example, the withdrawals don't raise Medicare premiums or taxes on Social Security benefits, nor do they help trigger the new 3.8% Medicare tax on other investment income.

Contribute to a SEP IRA or other tax-favored pension plan. Taxpayers with filing extensions can make deductible payments to these plans through Oct. 15.

Contribute to a health-savings account. Taxpayers who set up these accounts by the end of 2012 have through April 15 to make deductible payments of $6,250 per family ($3,100 for individuals) if the accounts are linked to an approved high-deductible health plan.

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