Strategies: 7 things to do now for your small business

• Buy a business vehicle — big or small — and take advantage of some deductions that disappear
• Change your insurance, bookkeeping, bank and payroll to coincide with the start of the year
• Establish your retirement plan before the end of the year even if you don't put money in yet

Stop! I know you're incredibly busy, but you must take care of some things for your small business right now, during the month of December.

Some options will disappear entirely, such as tax breaks on sport-utility vehicles, if you neglect to take advantage of them now. Other steps are highly advisable — such as transitioning to new systems to be ready to go Jan. 1 — to help you be more productive and profitable in 2013.

The beginning of the year is a natural and ideal time to switch to new financial and back-office systems. It makes record keeping far easier if you change when the calendar year changes, assuming you operate your business on a calendar year basis as most small businesses do.

And it's great to start fresh Jan. 1.

But you have to spend time in December to be ready to go when the new year rolls around.

So here are seven year-end steps you've got to do for your small business now:

1. Buy a truck or heavy SUV. The clock is ticking on a tax deduction that disappears Dec. 31.

Heavy vehicles, trucks and large SUVS of more than 6,000 pounds gross vehicle weight, qualify for a 50% bonus depreciation in 2012 as well as the ability to deduct up to $25,000 as an expense the year it's placed in service.

If you buy a $60,000 heavy SUV and use it 100% for business, you get a tax break worth $46,000! You can deduct $25,000 as an expense, write off 50% of the remaining cost with the bonus depreciation, or $17,500, and take $3,500 regular depreciation.

You'll end up paying for this in gas costs for such a behemoth, but if you need it for business, buy it in 2012. Of course, check with your own tax adviser.

2. Buy a business car or van. If you buy a smaller car, you'll get a bigger deduction in 2012 — up to $11,160 — than you'll have next year.

But the luxury car limits are complicated, so be sure to get some expert advice if tax considerations are your motivation.

3. Check your health insurance. Many insurance companies allow you to change your policies only once a year, right at the beginning of the year.

If you want to lower your premiums, increase your benefits or tailor your plans to your changing needs, make those decisions this month. My best advice: Find a really good small-business health insurance broker.

While we're talking about health insurance, be sure to use your 2012 benefits before they expire, such as check-ups, dental visits, or a new pair of eyeglasses if you have plans that include them.

4. Update your accounting system. Still using Excel spreadsheets to take care of your bookkeeping, or worse, pen and paper?

Jan. 1 is the perfect time to switch to accounting software or cloud-based accounting programs. That way you'll keep your 2012 and 2013 records in separate systems, rather than splitting a year between two systems.

And you'll finally enter the 21st (or maybe 20th) century when it comes to understanding your financial information.

5. Change your bank. Since we're on financial matters, if you've been thinking about changing your banking relationship, the end of the year is a good time to switch over, for the same reason: It makes record keeping easier.

6. Take your payroll system to the cloud. Here's one of Rhonda's Rules: "If you have even one employee, you need a payroll system."

It's far too easy to make a costly mistake managing payroll taxes on your own. The government fines you heavily for messing up.

In my company, we switched to an online payroll service a number of years ago, and it's been terrific — saving us money, giving us more capabilities and providing my employees with more transparency about their paychecks.

7. Take care of your retirement plan. If you don't already have a retirement plan for you and your employees, ask your tax adviser about one now.

Many plans need to be established by Dec. 31 though you don't have to put money in them until April 15. And if you're going to change plans, you often need to do that at year's end.

Rhonda Abrams is president of The Planning Shop and publisher of books for entrepreneurs. Her most recent book isEntrepreneurship: A Real-World Approach. Register for Rhonda's free newsletter at PlanningShop.com.See an index of Abrams' columns here. Twitter:@RhondaAbrams. Facebook: facebook.com/RhondaAbramsSmallBusiness.Copyright Rhonda Abrams 2012.