Small Business Works Act of 2001

Small Business Works Act of 2001 - Amends Internal Revenue Code provisions concerning small business to, among other things: (1) permit a deduction for 100 percent of the costs of health insurance for the self-employed; (2) repeal the alternative minimum tax on individuals; (3) permanently extend the credit for increasing research activities; (4) increase the deduction for business meals; (5) not require the use of the accrual method of accounting (thereby permitting cash accounting); (6) increase the expensing dollar limitation; (7) specify that computer software is eligible for expensing; and (8) revise specified penalties.