We have officially entered tax crunch time. If you haven't filed your tax return yet, don't fret, you're not alone. It's not uncommon for busy entrepreneurs to put off filing until the very last minute. As April 15 approaches, I offer the following last-minute tax tips for the panic-stricken:

1. Just do it. Here's the bottom line: You don't have much time left to file your taxes, so just do it already. Be sure to attach all necessary schedules and documents (e.g., 1099s, Schedule C) to your return; double- and triple-check that you have completed the return and schedules correctly and honestly.
   
   I bet you didn't know that the IRS has increased its Failure to File Penalty this year. That's right; if you fail to file by April 15, you will be subject to a Failure to File penalty, unless you file for an extension. So, save yourself the headache and heartache of a huge penalty and file something--whether it is your tax return or an extension. Individuals receive an automatic six-month extension to October 15, while partnerships and multi-member LLCs have a five-month extension to September 15.
   
   Now let me tell you the tricky part: Filing for an extension only gives you extra time to get your paperwork into the IRS--it does not extend the time you have to pay any taxes that are due. All tax payments are due April 15, or you will be subject to a penalty.
    
2. Take advantage of the tax changes: Make sure your business gets the most from the new tax changes. Several provide tax breaks for businesses; here are a couple to consider when preparing your tax return:
    
   • Carry back your losses. Don't forget to pick up your consolation prize on this year's tax return. The IRS has extended the net operating loss carryback rule to five years. If your business made money in 2006 but suffered a loss in 2009, you can now carry back your losses through 2006. This is definitely good news if your business lost money in 2009. To qualify, your business must have received $15 million or less in gross receipts over the previous three years.
      
   • Take advantage of Section 179. Don't miss out on Section 179 deductions. Under this section you can write off the entire purchase price of business-related expenses. For example, if you finally replaced that old copy machine and you have the receipt to prove it, use Section 179 to deduct the cost. This year, you can deduct up to $250,000 in Section 179 expenses--provided that your total annual equipment investment does not exceed $800,000. That means if you purchased $1,050,000 of eligible Section 179 deductible items during 2009, you would not be allowed this deduction.
      
3. Contribute to a traditional IRA. Still need a deduction to trim your tax bill? It's late in the game to maximize your allowable deductions and credits for any given tax year. Nevertheless, you might be eligible for one last-minute activity affecting the tax return you're about to file: traditional IRA contributions. Traditional IRA contributions can be made and included as a deduction on your 2009 return up to--and including--Tax Day. Thus, depending on specific qualifications criteria (e.g., whether you or your spouse was covered by an employer's retirement plan), you might be able to set up and contribute up to $5,000 for a traditional IRA ($6,000 if 50 or older) and claim the entire contribution on your 2009 return. Better yet, it's an above-the-line deduction, which provides a dollar-for-dollar reduction of your adjusted gross income. Make sure you specify to your IRA sponsor that the contribution is being made as of 2009.
    
4. E-file or late-night post office trip. I sincerely hope you don't wait until April 15 to file your taxes. However, if this is inevitable, either file electronically or check your local post office hours. I recommend e-filing. Error rates are much lower, and refunds are issued much faster. Refunds take half the time compared with filing a paper return, and go even faster and safer with direct deposit. If you file a paper return, many post offices stay open late on April 15, even until midnight.

Tax season is quickly coming to a close, so get your documents together and get that tax return filed. And don't be afraid to seek help from a qualified tax preparer.