The April issue of Entrepreneur magazine has this article by Jennifer Lawler on new tax deductions from the 2009 American Recovery and Reinvestment Act.

1. Five-year carryback on net operating losses. Allows small businesses to offset a net operating loss against income earned in previous years.
2. COBRA premium assistance credit. Allows a tax credit against certain employment taxes paid.
3. Special depreciation allowance. Applied to new property and equipment placed in service during 2009 up to $250,000 in qualified property.

For more information, please read the complete article here.