Finally, some good news from the IRS!
Business owners who purchase new equipment by December 31, 2009 can deduct the cost of that equipment (up to $250,000) on their 2009 tax return. This is a big change as this type of expenditure used to have to be taken over several years in small amounts. Congress approved this change to help small companies keep their businesses competitive.
Contact your tax professional to get the details as they pertain to your business. Tell them to Reference Section 179 of the tax code at www.irs.gov or call the helpline at 888-829-4933.