Cash flow now is more important than ever.  If you provide credit to customers, staying on top of receivables is a must.  Communicate with your banker, bookkeeper or accountant if you are carrying  substantial debt and see if there is some way to refinance to lower interest costs; or, spread your payment over a longer period of of time.

If you pay for health insurance, take a fresh look at your plan and see what options may be available.

Let your accountant or bookkeeper know what is going on in your business.  Too often, clients will not let us know about something important until the end of the year or worse, when tax filings are due.  Keeping communication open is very important.

What is Ahead in 2012?

There are a number of tax provisions set to expire at the end of 2011 and 2012. Be sure to take advantage of them if you can as there is no guarantee they will be extended. Such items as the limits on the 179 deductions (allows businesses to deduct the full purchase price of qualifying equipment or software purchased or financed during the tax year), bonus depreciation, tax rates on qualified dividends and long term capital gains and lower social security withholding. Make sure you look into these items as the end of the year approaches.