It's not too late to make your 2011 contribution to your existing traditional IRA or Roth IRA accounts. Although the contribution limit for 2011 is $5,000 ($6,000 for 50 and older), you don't have to meet the maximum. Put forward what you can, and remember, a little is better than nothing! And if you don't already have an account, there is still time to start one before the deadline.
Be sure to tell the company that holds your IRA to consider the contribution for 2011, or they may mistakenly classify it for 2012. The same rules don't apply for your 401k — any money that goes into that account in 2012 can only count as part of your current year contribution.
Funding a traditional IRA will give you an immediate tax break, but keep in mind that the Roth IRA won't offer an up-front tax break.