Remember that if you open a traditional IRA, and qualify to make tax deductible contributions, they will reduce your tax by 12%-30% (for most people, depending on your state), it is not a one-for-one reduction. And, you can't touch the money until you retire without paying a penalty.
It's basically a retirement savings account that you can't touch until retirement. If you deposited $7000 and qualified for the deduction, you would save between $1000 and $2500 on your taxes, depending on your other income and what state you live in, and then you can't touch the $7000.
IRAs are great ways to save for retirement, but saving on income tax is not the most important factor in this decision.
