Accelerated Write-Offs for Small Businesses

Many small businesses that invest in new property and equipment can deduct most or all of these purchases on their 2011 returns. Normally, businesses recover capital investments through annual depreciation deductions spread over several years. But many small businesses can get these deductions sooner during 2011.

Claim these tax benefits on Form 4562, Depreciation and Amortization. Special rules and limitations apply. Details can be found in the instructions to Form 4562, Depreciation and Amortization, Publication 946, How to Depreciate Property and Revenue Procedure 2011-26, Examination of returns and claims for refund, credit, or abatement; determination of correct tax liability.