Below is the information from IRS Website concerning possible Special Tax Breaks for Small Businesses located at www.Irs.gov. Please consult the IRS or your tax professional for more information.

IRS OFFERS SPECIAL TAX BREAKS TO SMALL BUSINESS

The American Recovery and Reinvestment Act (ARRA), enacted in February, created, extended or expanded a variety of business tax deductions and credits. Because some of the changes -- the bonus depreciation and increased section 179 deduction, for example -- are only available this year. Eligible businesses only have a few months to take action and save on their taxes. Here is a quick rundown of some of the key provisions!

Faster Write-Offs for Certain Capital Expenditures

• Many small businesses that invest in new property and equipment will be able to write off most or all of these purchases on their 2009 returns
• The new law extends through 2009 the special 50 percent depreciation allowance, also known as bonus depreciation, and increased limits on the section 179 deduction, named for relevant section of the Internal Revenue Code. 
• Normally businesses recover these capital investments through annual depreciation deductions spread over several years. Both of these provisions encourage these investments by enabling businesses to write them off more quickly.
• The bonus depreciation provision generally enables businesses to deduct half the cost of qualifying property of the year it was placed in service.
• The section 179 deduction enables small businesses to deduct up to $250,000 of the cost of machinery, equipment, vehicles, furniture, and other qualifying property placed in service during 2009. Without the new law , the limit would have dropped to $133,000. A special phase-out provision effectively targets the section 179 deduction to small businesses and generally eliminates it for most larger businesses
• (NOTE) Bonus depreciation and the section 179 deduction are claimed on IRS Form 4562.