Yes.
If you are a single filer that earned less than $55,000, then your entire Traditional IRA contribution is tax deductible. If you earned over $66,000, you can't deduction your contribution (you can still make it, but it has no immediate tax benefits). If you're one of the few people who will owe this year and want to soften the blow a little bit, here's one of the few things you can do to reduce your tax liability—make a contribution to a Traditional IRA. [In Pictures: 10 Smart Ways to Improve Your Budget .]. How much you save will depend on your tax bracket. Because your contributions to a traditional IRA are tax deductible, they reduce the amount of taxable income for the year in which you’re contributing. Therefore, you can simply designate that your contributions, made prior to April 15th or your filing date, be attributed to the previous year. Earnings from the account aren’t taxed until you withdraw them. This is just the opposite of a Roth IRA, which can’t save you tax money now, but will save you money on your taxes in retirement. Maximize your deduction. You can contribute up to $5,500 to an IRA in tax-year 2014, or $6,500 if you are age 50 or older. If a worker in the 25 percent tax bracket contributes $5,500 to an IRA, he will save $1,375 on his 2014 tax bill. That’s because it determines whether the tax rate you pay on your Roth IRA contributions (today’s tax rate) is higher or lower than what you’d pay on your traditional IRA’s withdrawals in retirement. Of course, it’s hard to predict what federal and state tax rates will be 10, 20 or even 40 years from now. Traditional IRA contributions are tax deductible on both state and federal tax returns for the year you make the contribution, while withdrawals in retirement are taxed at ordinary income tax rates. Roth IRAs provide no tax break for contributions, but earnings and withdrawals are generally tax-free. Roth IRA contributions are not taxed at the time you contribute the funds to your Roth IRA. However, your contributions come from post-tax income. You pay taxes on your income today, but not in the future. You paid tax on that income when you first contributed to the Roth IRA. If the withdrawal is made before age 59 and 1/2 and is only up to the amount that has been contributed to the Roth IRA then no income tax is charged. Withdrawals of contributions are tax-free. 1 In 2008, one cannot contribute $6667 to a traditional IRA due to the contribution limit, so the post-tax Roth contribution may be larger. 2  On estates large enough to be subject to estate taxes, a Roth IRA can reduce estate taxes since tax dollars have already been subtracted. A Roth IRA can be an individual retirement account containing investments in securities, usually common stocks and bonds, often through mutual funds (although other investments, including derivatives, notes, certificates of deposit, and real estate are possible). A Roth IRA is an IRA that, except as explained below, is subject to the rules that apply to a traditional IRA. You cannot deduct contributions to a Roth IRA. If you satisfy the requirements, qualified distributions are tax-free. You can make contributions to your Roth IRA after you reach age 70 ½. You can leave amounts in your Roth IRA as long as you live. A Roth IRA (Individual Retirement Arrangement) is a retirement plan under US law that is generally not taxed, provided certain conditions are met. The tax law of the United States allows a tax reduction on a limited amount of saving for retirement. A Roth IRA can be an individual retirement account containing investments in securities, usually common stocks and bonds, often through mutual funds (although other investments, including derivatives, notes, certificates of deposit, and real estate are possible). Anyone with earned income can make a contribution to a Traditional IRA, but depending on the retirement package your employer offers and your income, your deduction may not be tax deductible. If it's not tax deductible, then it's really not worth investigating for the purposes of reducing your taxes. If you're one of the few people who will owe this year and want to soften the blow a little bit, here's one of the few things you can do to reduce your tax liability—make a contribution to a Traditional IRA. [In Pictures: 10 Smart Ways to Improve Your Budget .]. How much you save will depend on your tax bracket. About Roth IRAs. Figuring out how much a Roth IRA can save on taxes is a lot simpler than for a traditional IRA. You can’t deduct Roth IRA contributions from your taxes, so there’s nothing to calculate there. As long as money in a Roth IRA stays in the account, it isn’t taxed. 
http://money.usnews.com/money/blogs/my-money/2011/02/28/reduce-your-tax-liability-with-ira-contributions http://ptmoney.com/tuesday-tax-tip-fund-a-traditional-ira-to-reduce-your-taxes/ http://money.usnews.com/money/retirement/articles/2015/01/12/how-to-reduce-your-2014-tax-bill-by-over-1-000 http://www.rothira.com/traditional-ira-vs-roth-ira http://www.rothira.com/roth-ira-taxes-and-tax-issues https://en.wikipedia.org/wiki/Roth_IRA https://www.irs.gov/retirement-plans/roth-iras https://en.wikipedia.org/wiki/Roth_IRA http://money.usnews.com/money/blogs/my-money/2011/02/28/reduce-your-tax-liability-with-ira-contributions http://budgeting.thenest.com/much-ira-reduce-taxes-25074.html
can a roth ira lower my taxes