With the holidays quickly approaching, many people are looking forward to Black Friday sales and celebrating time with family. But December is also a great time for businesses to shop as well. We’re here to talk about a really good reason to take a look at upgrading your business’s office technology this holiday season.
Section 179 Tax Deductions
You know the saying, there are only two things certain in life: death and taxes. Although it seems a little morbid, there’s still hope in the tax realm as the year draws to a close. Have you heard of Section 179? Many businesses may not be aware that Section 179 allows you to deduct the ENTIRE cost of depreciation for equipment and software that is purchased or leased before the end of the year now instead of depreciating an asset over a multi-year period.
Who Qualifies for Section 179?
While many may think that only large corporations benefit, Section 179 was specifically designed to benefit small businesses. Rather than deducting the depreciation of a new or used copier or software over the course of several tax years, you can write off the entire amount now.
Is there a limit to the deduction?
Yes, although the limit is $500,000 with a maximum investment of $2,000,000, most small and medium sized businesses will fall well below the limits.
Can I apply the deduction to leased equipment instead of purchasing outright?
Absolutely. For more detailed information, visit section179.org for a full explanation or contact your financial professional.
Here’s a handy calculator to see how much you could save by upgrading one or a whole fleet of office technology.
For many, the end of the year is a time to regroup, refresh and reorganize to start the New Year off right. Why not roll out new technology and reap the benefit of streamlining your business and seeing a major impact to your bottom line now rather than later.
If you are interested in learning more about updating technology for your business, SumnerOne is here to help! We want to be your one place where everything works. Contact us today and we will show you all that there is to love about working with us!
Originally published November 22, 2017, updated April 20, 2018