Max out retirement plans like your 401(k) by year end for immediate tax savings and future growth, and don’t forget to fund 529 college savings plans. The 2011 contribution limit for a 401(k) is $16,500. Make sure you have contributed at least enough to capture the full company match. With 529 college savings plans, you can contribute up to $13,000 per account without triggering the gift tax. You can open as many 529 accounts as you like, which makes them ideal for grandparents looking to cut their tax bill now and contribute to the next generation’s success.