Most of us have until April 15 at midnight to file our taxes and establish tax-deductible IRAs for tax-year 2007. But the IRS has extended the deadline for victims of several recent natural disasters. Folks in parts of Illinois have until May 6, those in parts of Georgia and Missouri have until May 19, and residents of parts of Arkansas have until May 27.

In addition, the IRS says, because members of the military and support personnel generally have a deadline extension until 180 days after they leave the combat zone, they also have an extension of their IRA contribution deadline. Beyond that, under the special HERO Act provision, the time window is still open for members of the military who received tax-free combat pay in 2004 or 2005 and wish to make IRA contributions for those years. The deadline for making these special back-year contributions is May 28, 2009.

Regardless of when you set up your IRA, consider in advance which works best for you: A tax-deductible, traditional IRA, or post-tax Roth IRA. Click here for our findings from Consumer Reports Money Adviser.