New tax breaks for small businesses TaxWatch - MarketWatch

New tax breaks for small businesses TaxWatch - MarketWatch: "More time for bonus depreciation

Bonus depreciation was extended to Dec. 31, 2010. It was set to expire on Dec. 31 last year, but it got a reprieve. New business assets you bought since Jan. 1 of 2010 are apt to qualify for a 50% special depreciation deduction. The assets must have a recovery period of 7 years or less.

Because bonus depreciation is back, you may deduct up to $8,000 on the purchase of your new car. That, along with regular depreciation, allows you up to $11,060 worth of depreciation for the first year, according the experts at CCH, a Wolters Kluwer business."