This time of year can be very hectic for some entrepreneurs, but its an important time if you want to save any money during tax time too. USA Today has some “must do” items you should consider before the new year.

Reduce your taxes.

The basic rule is accelerate expenses, delay income. In other words, you want to do whatever you legally can to lower your total profits for the 2011 taxable year.

Set up a qualified retirement account.

Many plans need to be established by Dec. 31 though you don’t have to put money in them until April 15.

Update systems.

The beginning of a year is a natural, and ideal, time to put new back-office operating systems in place. It’s great to start fresh on Jan. 1, and it also makes record keeping far easier if you change when the calendar year changes.

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