Invest in Yourself with Section 179 Tax Deduction
Think about it, a new employee joins your business, chances are they are given a computer that has been handed down many times before. It’s not uncommon for organizations to try to stretch their computer capabilities over the course of a decade, and as the dust settles in, it’s no surprise when computers “unexpectedly” stop working.
We see technology as a way to make life easier, yet when your tech begins to fail, it no longer serves its purpose. In fact, it creates new troubles and costs you more money in downtime and lack of productivity than it would cost to purchase shiny new equipment.
Here’s the good news: The U.S. government understands this desire to save money by upgrading your equipment less often, and they’re combating it with Section 179.
What’s the Section 179 Tax Deduction? Well, instead of waiting for your equipment to putts out on you, Section 179 lets you deduct the full price of any qualifying equipment or software purchased or leased during the year. This includes:
• Purchased, financed or leased purchases
• Workstations, laptops, tablets, smartphones
• Servers and printers, routers, network switches, network security appliances
• Software (productive, antivirus, administrative, etc.)
Now, there’s no reason to put off purchasing, financing or leasing technology when you can write-off the full amount. Businesses that buy, finance or lease less than two million dollars in new or used businesses equipment qualify. You just have to make sure the equipment and software is put into use by December 31, 2017.
For most situations, small business depreciation will be as simple as deducting the full amount of the purchase as a Section 179 expense; although, sometimes it can be a bit trickier. Our goal, is to make the process as simple for you as possible. Contact us today to request your free tax break consultation, so you can leverage new tech and save.