11/22/09: Sales Tax Strategy:
If you live in a state with low or no income tax, you're better off deducting "state sales taxes" instead of "state income taxes" as your itemized deductions (provided you qualify to itemize).
So, if you have a major purchase to make, get the most mileage from it by buying this year. You also have until the end of this year to buy a car and deduct the sales tax!
11/23/09: Section 179 Deductions for Businesses:
Under Section 179 of Internal Revenue code, businesses can buy $250,000 in equipment before Dec 31 and deduct the entire amount this year. Plan accordingly!