Here's a tax tip you need to act on right now if you are not a retailer: project your business sales and expenses through the end of this year to see what your profit will look like. Then estimate what your personal income taxes will be.

The reason: If your taxes will be high, and you act quickly, you may be able to take some steps to reduce your income (and your tax liability) before the end of the year.

Among the tax-reducing options you may want to consider are prepaying business expenses you'd normally pay on or after the first of the year, and waiting to invoice customers until mid December (so you don't get paid until after the first of the year.) Buying new equipment before the end of the year is yet another strategy. Don't forget about IRA or SEP contributions, too.

To be sure you've got all the I's dotted and T's crossed (and don't somehow trigger the alternative minimum tax on personal taxes) check with your accountant before putting tax cutting strategies into place.

More: Don't Wait for Tax Time to Look at the Bottom Line

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