Take Advantage of Section 179 of the Tax Code to Upgrade Your Technology Before Time Runs Out
It’s hard to believe that there are only a couple of months to go before 2017 is but a memory. Even so, it’s not too late to use Section 179 of the tax code to your advantage to upgrade your business computers and phone systems.
How will Uncle Sam help me pay for new technology?
Through Section 179 of the US Tax Code. It’s legislation enacted by Congress to give small businesses meaningful tax relief. SMBs across Northeast Ohio are using the significant savings available through this law to offset the cost of keeping their technology current. While your accountant can provide you with the limitations and spending caps of this tax code, QualityIP is the best IT service in Cleveland to help you select the right technology to advance your business goals and qualify for this deduction too.
How does it work?
In a nutshell, Section 179 allows businesses to deduct the full purchase price of qualifying equipment from their gross business income in the year it’s purchased rather than depreciating the cost over several years. That translates into significant cash savings for you. Check out this deduction calculator to get an idea of how much you can save. Most computer hardware, software, and business phone systems bought or leased during the 2017 calendar year qualify under this law.
What should you consider purchasing?
If you don’t already have one, you should develop a strategic plan for getting the technology your company needs to succeed. QualityIP can help. Acting as your CIO, we’ll help you plan for this purchase as well as for your future needs. Even if you don’t have cash on hand, there is financing available that will allow you to claim the full deduction for 2017.
The key is to act now. This year the law allows for bonus depreciation which is not available every year.
Contact us for a complementary consultation. We’ll help you keep your technology current and save on your tax bill too!