One of the biggest misconceptions in America is the concept of "tax season." Taxes do not really have a season. Instead, taxes are a year-round sport. Tax laws change on a regular basis; if you aren't paying attention, you're missing out on tax savings. Below are the tax law changes that may impact your business the most in 2009, along with some tips for using these changes to your advantage.

Estimated tax relief for small-business owners
Thanks to the shaky economy, you may be eligible to reduce your estimated tax payments for 2009. To qualify for this reduction, your 2008 adjusted gross income must be under $500,000 for married filing jointly, $250,000 for single filers, and at least half your income must come from a small business.

Generally, the IRS requires you to pay either 100 percent or 110 percent of the previous year's taxes in estimated payments, or you may be penalized. However, for 2009 you may pay only 90 percent of your 2008 or projected 2009 tax liability, whichever amount is smaller.

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This reduced payment can help you offset any decrease in cash flow your business may have experienced because of the economy. You can double the tax benefit by using the extra cash in your pocket to purchase new equipment (and then deduct the expenses), or increase your qualified retirement contributions.

Tax-free parking for employees
If you want to offer your employees an inexpensive benefit, consider your employees' parking fees. The IRS allows employers to provide up to $230 a month of parking benefits, and another $230 in transit benefits for their employees, tax-free. That way, business owners don't have to pay payroll taxes on the parking or transit costs, and employees get to exclude up to $460 per month of their taxable income.

During challenging economic times, you must put extra effort into keeping your key employees happy. While raises and bonuses may not be feasible for your company, providing benefits such as parking and transit allowances can go a long way toward rewarding your employees for their continuing good work.

Deducting sales tax on new vehicle purchases
If you need a new vehicle for home or business, this may be an excellent time to make a purchase, at least in terms of taxes. Any new car or truck purchased from February 17, 2009, through December 31, 2009, allows you to deduct the sales tax on your income tax return, even if you take the standard deduction. This deduction is available to single taxpayers with an adjusted gross income less than $125,000 and married filing jointly taxpayers with adjusted gross income under $250,000. You may deduct the sales tax you paid on the first $49,500 on a new car (i.e., you are the first owner).

If you benefited from the reduced estimated tax payments discussed above, purchasing a new car is a great way to use the extra funds and maximize your spending in a tax-smart way. You don't have to be a business owner to take advantage of this tax savings.

Increased Section 179 expense deduction
If your business is not taking advantage of the Section 179 deduction, you're missing out. Essentially, Section 179 allows business owners to write off the entire purchase price (whether bought with cash or financed) of business-related equipment. This year, the deduction is expanded and allows you to write off up to $250,000 per year in equipment as long as your total annual equipment investment does not exceed $800,000. In addition, you can still deduct depreciation and a bonus first-year depreciation.

You may also carry forward the deduction on high-priced equipment for up to five years. You may write off nearly any tangible business equipment--and even personal property that will be used in business--including vehicles, computers, office equipment, etc., to the extent it is used for business. This is especially useful for small-business owners and sole proprietors who use much of their personal property for business purposes. Expense away and save enormous amounts of money on your taxes.

Each of these tax law changes occurred outside of so-called "tax season," and each one can save you tons of money on your taxes if you know how to use them. That can make a big difference in your bottom line.