Up to $100,000 allowed in personal property write-offs.Small businesses can expense up to $100,000 of business personal property in 2003 subject to the limitation of business income. Business personal property includes:
furniture,
office equipment,
computers

This one year write-off election, called a Section 179 election after the Internal Revenue Code Provision , must be made in the year of purchase. For example, if you buy a computer this year, it must be expensed this year. In order to qualify for the expensing treatment, the personal business property must be used more than half the time for business. Also note the deduction is proportionately reduced for anything not used solely for business. For example, if you buy a $3,000 computer and use it 60% for business, the maximum amount write off is $1,800.
Note: The $100,000 maximum is reduced for businesses that buy more than $400,000 worth of personal property in a year. The reduction is dollar-for-dollar for amounts over $400,000. So, for example, if your business spends $410,000 on equipment, the maximum Section 179 write-off is $90,000.

Real Estate is not Included
This $100,000 deduction opportunity refers to "personal property." Please note: Real estate is not personal property. Commercial real estate, such as office or industrial properties, is depreciated over 39 years. Because land is not depreciable, first year depreciation for commercial buildings is about 2%.

Automobiles are not included
Typical cars are not personal property. Automobiles qualify for a special "bonus depreciation" of $7,650, on top of the former $3,060 limit, for a total first-year depreciation deduction of up to $10,710. Please note, some SUV’s and trucks are not considered automobiles and may therefore be deducted in full.

There are other rules and restrictions on writing off major business purchases. For example, farmers can get special treatment for certain single-purpose agricultural buildings such as greenhouses.