Even if equipment expensing is scaled down with repeal of Bush-era tax cuts, there is plenty of room for 100% expenses with pre-Bush Section 179 depreciation allowances.

FORBES: Year-End Tax Planning Before The Fiscal Cliff

In addition to the depreciation and expense allowances, said Bacigalupo, accelerated depreciation for young racehorses continues through 2013: taxpayers can depreciate racehorses that are 24 months and younger when purchased and placed in service using a three-year schedule rather than the previous seven-year schedule.

FORBES: 2013 Brings Unexpected Tax Relief For Horse Owners

Capital expenditures will be funded by internally generated funds (depreciation and other allowances), sale of non-core assets, partnerships and debt.

ECONOMIST: Tax and smoke