Less than three weeks remain for business owners to consult their tax advisers and take advantage of tax breaks for 2009.

One of the ways in which the government has attempted to restore economic stability is by offering tax incentives to small businesses to stimulate the economy.

Tax code Section 179 allows small business owners to expense up to $250,000 of the cost of qualifying property — such as fixed asset purchases. This expense limitation is scheduled to drop to $134,000 on Jan. 1.

“If a new piece of equipment will help their business generate more revenue, then they need to make the purchase before the end of this year,” said Mark Patterson, tax partner with Stockman, Kast Ryan & Co. LLP. “They’ll probably finance the purchase and pay for it over five years, and yet they can take the tax benefit in 2009.”

And business owners should analyze their fixed assets plans because the American Recovery and Reinvestment Act of 2009 extended last year’s 50 percent special depreciation allowance for acquisitions of qualifying property until the end of 2009.

These extended bonus depreciation rules allow business owners to deduct 50 percent of the cost of qualifying new asset purchases as depreciation the first year and deduct the remaining 50 percent during the next five to seven years.

Also, an expanded net operating loss provision allows businesses to “carry back” a loss for up to five years, instead of the usual two years, Patterson said. By filing an amended tax return, eligible business owners can obtain refunds of taxes paid during prior years.

“This is very context sensitive — specific to each individual’s tax situation and needs to be looked at on a case by case situation,” said Dan Kielek, tax partner with Clifton Gunderson LLP. “But because of the uncertainty of tax rates, it (might not be) a good idea to defer income. Certain businesses might need to recognize the income for 2009.”

Another option to consider is the research and development credit. It can provide qualifying companies with “a pretty good tax benefit — a credit against tax,” Kielek said. Barring action by Congress, this credit is scheduled to expire on Dec. 31.

So is the lease-hold improvement provision.

“If at all possible, you want to get lease-hold improvements into service by the end of the year to capture the 15-year write off period, instead of 39 years,” Kielek said.

As always, seek the advice of a tax professional to ensure your business remains tax compliant.

To minimize tax burdens, business owners can accelerate buying because of bonus depreciation deductions; take advantage of research and development credits; and accelerate capital purchases to capture expense limits.