If your closely held company earns significant income from exporting manufactured products - or from engineering or architectural services on foreign construction projects - consider forming an interest charge domestic international sales corporation (IC-DISC). Many manufacturers have taken advantage of the IC-DISC as it is relatively inexpensive to set up and operate, and it can reduce your tax rate on qualifying sales by up to 20 percentage points.

To make the most of this strategy, it's a good idea to act sooner rather than later because, without additional Congressional action, this tax rate applies only through 2012.