Small-Biz Tax Tips for Procrastinators

4. Expense your equipment.

The Internal Revenue Code's Section 179 allows a small business to fully expense tangible property the year it's purchased. If you put a new piece of equipment in service before 2008, you can deduct up to $125,000, says Cullen.

3. Don't squander your stock.

Tax deductions are a good reason to sell stocks, but they shouldn't be the only reason, says Saks.

If you're debating selling stock to offset gains -- which can offset as much as $3000 of ordinary income -- step back and make sure it's a good investment decision overall.

4. Hold that sale.

If you're selling your business, try not to close the sale until 2008, says Saks: "You never know what the tax rates will do."

5. Take care of yourself.

Take advantage of your contribution to an IRA or 401(k). Retirement plans need to be set up by Dec. 31 in order for you to qualify. You can make your contributions in 2008 as long as the plan is set up in 2007.

And remember that flexible spending account you set up eight months ago? Make sure to spend any leftovers before they're lost in the new year.