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Upgrade your Business with 179 Tax Deductions
/in Blog, Business Continuity /by Chris Higgins179 Tax Deductions technology explained
Section 179 is an incentive for smaller businesses to finance, lease or purchase equipment by allowing up to $1,050,000 each year, deducted from taxable income for qualified business equipment purchases. There are limitations on types of equipment and the amounts that they deduct. The Section 179 allowances mean that small and medium-sized businesses can make significant savings.179 Tax Deductions and limitations
The max we can deduct is $1,050,000, and we can purchase for the full deduction at $2,620,000. Therefore, if purchased equipment costs more than $2,620,000, then the Section 179 deduction decreases at a rate of dollar for dollar and will reach zero when the cost of equipment reaches $3,670,000.Types of property that qualify for 179 Tax Deductions
Tangible property by the IRS use The Section 179 tax deductions . The equipment must last over one year for the business. Possible purchases include:Bonus depreciation – an explanation
This tax law is an incentive for small and medium-sized businesses to have a deduction on qualified purchases for their first year. For the year that the business buys and uses the equipment, they can deduct 100% of the expense and depreciation too. Businesses are allowed to take both Bonus Depreciation and Section 179 allowances. However, you must apply Section 179 first. After the Section 179 limit of $1,050,000 has been reached, the rest is taken as bonus depreciation.Time to upgrade?
If you’re considering upgrading your business technology through the 179 tax deduction, now is a perfect time. You can use these purchases under Section 179.Benefits of upgrading your business technology
By upgrading business technology, small and medium-sized businesses can save a lot of money while staying ahead of the competition. Upgrading technology will help your computers run faster. Work time is lost when computers take time to boot up. Smaller businesses feel this time lost much more than bigger companies. With upgrades in technology, productivity increases resulting in less downtime. If it’s been a while since you invested in new technology, your devices might be wearing out. With older computers, any new software you purchase might not run correctly or may run much slower than it should. So investing in new technology and making the most of the Section 179 deductions is a huge opportunity.How we can help
As an MSP, we believe it’s important to let you know how your business can make the most of IT infrastructure and services to achieve outstanding business performance. The Section 179 tax deduction is an example of how your business can help its bottom line while improving its IT infrastructure. Contact us for a Business Technology Audit today to see how we can help you and your business.Tax deduction MSPs and how businesses can benefit from them.
/in Blog, Productivity /by Chris HigginsSave money with HaaS from an MSP
Estimates suggest that businesses that successfully deploy managed services reduce their IT outgoings by up to 45%. One of the ways in which businesses can save is by choosing HaaS (Hardware as a Service).Reducing upfront capital expenses
The benefit of HaaS is that you reduce your upfront capital expenses. This means businesses can shift their budget allocations around and free up their cash flow. Essentially, it means that expenses come out of the operating expense budget (OpEx) instead of the capital expense budget (CapEx). As a result, managing monthly payments instead of large, upfront amounts is much more suitable for budgeting purposes. Businesses that use HaaS have an advantage when it comes to paying taxes. With HaaS listed as a service rather than a capital expense, it reduces the liability that tax causes. This means that businesses can get the equipment needed without running the risk of getting into debt.Access to newer technology
With limited finances, it’s hard for businesses to stay up-to-date with the latest technology. When using HaaS, Tax deduction MSPs have the responsibility to be sure the hardware will handle all your tasks efficiently. In the case that the hardware is no longer capable of delivering what companies need, the MSP will replace or upgrade the equipment.Access to maintenance
One of the benefits of HaaS is that businesses have their IT systems maintained and looked after by experts. Often, smaller businesses don’t have the knowledge or expertise to deal with complex IT problems. Therefore, when they encounter a big issue, it tends to come with a large price tag to fix. With HaaS, the MSP maintains and manages all hardware for a fixed monthly sum.Tax deduction MSPs – reducing costs with Section 179
Working with an MSP not only benefits your business’ IT, but it also comes with great financial perks. When tax season rolls in, Section 179 allows businesses to gain tax benefits for purchasing tangible goods, including IT hardware and services.Final thoughts about tax deduction MSPs
Using an MSP has so many benefits, it’s no wonder so many small and medium-sized businesses are now choosing this way of working. With HaaS, businesses can save money, have up-to-date and well-maintained equipment, and increase their tax deductions. Contact us to see how we can help your business do the same today!Section 179 Deductions That Business Owners Can Use
/in Blog, Business Continuity /by Chris HigginsWhen you’re a small business, it’s critical to get your taxes right. Many small business owners look for ways to maximize deductions to minimize how much tax they pay. One tax-saving loophole not everyone knows about that could help is the tax code Section 179 deductions. If you’re unaware of what Section 179 deductions is, this blog will help define it for you. We’ll explain tax 179 deductions and how you can take advantage of them with the help of your MSP.
As usual, we need to let you know that these offers may not apply to your business. To get the most out of this government program, we recommend consulting with your tax advisor. Now let’s learn how to save some money!
What are Section 179 Deductions?
When we talk about 179 deductions, these are the classic ” tax deductions,” but they offer extra benefits. With many write-offs, you can only take partial deductions over a few years. Suppose you buy a car for your business, but you can only write off a portion of the value over the next five years. By definition, Section 179 deductions in the tax code allows a business to deduct the value of a property purchased for the business against any profits (or losses) that happened during the year it was purchased and implemented, thus lowering the total tax burden. This “property” falls into the following categories:
Business Personal Property: This would include anything purchased for business use that isn’t bolted to a floor or wall. This includes furniture, computers, software — even paper and pens!
Machinery and Equipment: This includes items purchased for businesses that are too large to move or are bolted in place. An example of this would be a printing press or conveyer belt.
Business Vehicles: These are cars or trucks with a gross weight of more than 6,000 lbs and are used exclusively for business purposes.
Listed Property: This is property used for business purposes. In this case, you don’t have to use it entirely for business purposes, but you can only deduct the portion used for business proportionate to the time used. For instance: if you have a home office and work for eight hours a day for five out of seven days a week, it means you use your home for business purposes about 23.7% percent of the time, and therefore you could write off 23.7% of your mortgage.
Capital Improvements: When you improve a building used for your business, you can write off that expense. This section also includes items like air conditioning or alarm systems.
Section 179 – the basics for SMB Tax deduction
This section applies to deductions for property depreciation. It doesn’t increase how much you can deduct overall, but it does give smaller businesses the option to act more quickly. In some cases, an asset may be usable for up to 39 years. Section 179 means that a company can declare the deduction of this asset in one year alone instead of spreading over a longer time. Let’s say, for example, that a bar buys a new $4000 television. Based on ten years of the TV’s life, straight depreciation would only allow the business to deduct a percentage of the cost every year for ten years. With Section 179, the business owner deducts the whole amount the first year.
Why is this useful to small and newer businesses?
When you set up a new business, you have a lot more going out than you do coming in, and there are a lot of assets that need to be purchased. Section 179 deductions means that new business owners can take advantage of deducting their purchases now. Smaller but established businesses can also take advantage of buying new assets to help grow their company. Buying things upfront is costly, so with Section 179 deductions, this outgoing is less burdensome. In addition, you don’t have to wait years to benefit from tax deductions when you purchase assets.
What assets qualify for Section 179 deductions?
It is possible to deduct taxes for business assets that will last over one year (as determined by the IRS). These include:
Of course, more groups apply, so talk to your tax advisor for more info.
MSP – How can they help?
A Managed Service Provider can help you maximize your tax savings from Section 179 deductions. In addition, they will be able to guide you through the options for your hardware and software needs. Finally, they can help forecast your business’s future needs in terms of technology, including purchase, finance, or lease services for equipment. Contact us before time runs out!