Now that Congress, as part of the Emergency Economic Stabilization Act of 2008 (signed into law on October 3), has extended through 2009 a number of provisions that had expired at the end of 2007, businesses have a just few months to act on these tax breaks. Extensions for some key provisions for businesses include:

• The research credit
• 15-year amortization for leasehold and restaurant improvements
• Expensing of environmental remediation costs
• Several enhanced deductions for certain charitable giving

            Perhaps the best break for business owners is an increase in the 2008 exemption amount for the alternative minimum tax (AMT) for individuals. Since sole proprietors and owners S corporations, limited liability companies, and partnerships pay tax on business profits on their personal returns, this AMT change is welcome relief.