Are you collecting the maximum tax breaks from the stimulus law passed last year? The IRS issued a fact sheet touting the tax perks available to small business owners under the American Recovery and Reinvestment Act of 2009 in a February bulletin.

Here are my top 5 tax breaks from the stimulus law:

1. Bonus depreciation. Allows a business to deduct 50% of the cost of a new asset in the year it is placed in service.

2. Section 179 expensing. A small business can elect to expense up to $250k of the cost of qualified assets.

3. Net operating losses. Under the new law, most businesses can elect to carry back losses for up to five years, instead of the usual two years.

4. Discharge of business debt income. The stimulus law allows businesses to recognize discharge of indebtedness income over five years, rather than requiring full recognition of in 2009.

5. Exclusion of gain on the sale of qualified small business stock. Increased to 75% for any gain from a sale between February 17,2009 and January 1, 2011.

Talk to your tax professional about taking advantage of these tax breaks when filing your return.