Small businesses may be eligible for more tax breaks this year

Washington鈥擣aster tax write-offs may be available this year for certain capital expenditures for your dental practice, says an Internal Revenue Service small business advisory.

The economic recovery law enacted in February 2009 created, extended or expanded a variety of business tax deductions and credits. Some of these changes, like the bonus depreciation and increased Section 179 deduction, are only available this year.

“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 IRS said.

The IRS gives a rundown of these and other provisions of the American Recovery and Reinvestment Act that may be relevant to small business taxpayers. See, for example, notice IR-2009-51聽and fact sheet FS-2009-11聽at the IRS Web site聽for more information.