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Ransomware 101
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Office 365 Migration Made Easy
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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!
Can Businesses be denied Cyber Insurance?
/in Blog /by Chris HigginsIn our world of constantly evolving and varied cyber threats, many organizations consider cyber insurance to help them get back on their feet should they fall victim to a cyber event. Data breaches and ransomware attacks can also require specialized expertise and funds to deal with. For these reasons, many business owners choose to purchase cyber insurance for financial protection should an incident occur. Here are some reasons why you get denied cyber insurance
Cyber security insurance used to be either very expensive or a cheap add-on to an existing policy. These days, it has its niche market and has become a critical need for many businesses.
It’s worth noting, however, that cyber insurance does not solve all cyber-related problems, and it won’t ever prevent a cyberattack or data breach. Just like businesses with physical property need to put appropriate measures in place for security, so do companies with intellectual property.
Unique cyber insurance for a unique business
Generic business insurance doesn’t cut the mustard. It rarely even mentions data loss. Of course, there are overlaps in many cyber insurance policies, but businesses should have coverage that is as unique as their business.
Beyond the basics, there are various additions and enhancements that policies can offer. As a result, you won’t know what to watch out for unless you’re aware of them. There are enhancements such as social engineering coverage (for employees who get duped into doing things), reputational harm coverage (often related to a security breach), and technology bricking (replacing technology equipment that is no longer usable after malware infection). Make sure you cover everything important to you.
Cyber insurance prequalification
Even if businesses prequalify for cyber insurance, it is still possible to get denied. Even if you have had cyber insurance in the past, it can still happen to you. There are many reasons for this.
Poor plans for business continuity and disaster recovery
Cyber insurance providers want a return on investment. If a provider believes your business cannot recover from a disaster, they may deny your application. Disaster recovery doesn’t just mean having backups. Businesses need adequate disaster recovery plans to make sure they’re able to survive after a cyber event.
Poor account security – multi-factor authentication
Businesses are often denied cyber insurance coverage due to the lack of multi-factor authentication. Many providers focus on account security before they offer a policy.
Poor cybersecurity awareness
Training employees is essential for maintaining appropriate cyber security. It’s no secret that employee involvement is one of the weaker aspects of business security. Training for employees is vital – and it needs to be updated as cyberattacks evolve.
Inadequate endpoint security
Many policies require more than antivirus software. Businesses often need endpoint detection and response tools that combine several security measures covering a range of detection and prevention techniques.
Using an MSP to assist even if you have cyber insurance prequalification
Being denied cyber insurance is a daunting prospect, and when a business gets rejected once, it’s even harder to get a policy. This roadblock is where your Managed Service Provider comes in.
By using an MSP to help with cyber insurance prequalification, you’re making sure you have experts looking into everything with an experienced eye. Your MSP can help rectify the areas that need improving if you do not qualify for a cyber insurance policy.
Final thoughts
Even if you have a prequalification for cyber insurance, you can still get denied coverage. MSPs can help you secure cyber insurance and cyber insurance prequalification by assisting businesses to meet the necessary criteria. For more information, get in touch with us to schedule your free cyber security business review.
Cybersecurity Insurance – 5 Reasons Why you need it
/in Blog, Security /by Chris HigginsCybersecurity insurance, also referred to as cyber insurance or cyber liability insurance, is insurance that your business can buy to reduce risks to data loss. A cybersecurity insurance policy will transfer some risk to the insurance company for a fee.
While all types of insurance have been around for decades, cybersecurity insurance is relatively new. Businesses that chose to buy cybersecurity insurance were early adopters. Given how cyber risks fluctuate, cybersecurity policies must change and adapt frequently. Underwriters have access to data that helps them calculate risk and set policy rates, premiums, and coverage. For cybersecurity insurance, it’s not that simple. This hurdle is because cybersecurity insurance is new, and the data is limited.
1. It is an Extra Layer of Protection.
Losing data through theft or compromise has the potential to harm an organization. It can mean customers go elsewhere and cause your business a loss in revenue. What’s more, without cybersecurity insurance, your company could be liable for any damages that stem from third-party data being stolen or compromised. Losing client data without a backup plan in place could be a disaster.
Cybersecurity insurance is essential if businesses want to protect themselves against cyber event risks, including threats linked to terrorism. In addition, coverage for cyber threats can help remediate cyber incidents quickly and could save your business.
2. Anyone can be hacked!
Back in 2011, the PlayStation Network suffered a breach by hackers. This breach exposed the personal data of 77 million users. It meant that PlayStation users were unable to access the service for over three weeks. In terms of cost to Sony, there were over 171 million dollars lost due to this breach. Sony could have saved themselves some of the $171 million had they secured a cybersecurity insurance policy – but they didn’t. A subsequent court case ruled that their insurance policy only covered physical damage, which meant that Sony had to pay the costs of the losses from the cyberattack.
3. How It Works.
Many insurance providers that provide coverage like commercial property insurance or business liability insurance will also provide cybersecurity insurance. Most cybersecurity policies cover the first party (losses that impact a company directly) and third-party losses (losses by other people caused by a cybersecurity incident, depending on their relationship to the organization).
Cybersecurity insurance will help cover any losses resulting from cyber incidents and events. What’s more, it can also help with costs linked to remediation, such as paying for legal assistance, crisis communicators, investigators, customer refunds, and loss to customer accounts.
4. Who should get Cybersecurity Insurance?
Companies who manage, store or create electronic data like contacts, sales, or credit card info will benefit from cybersecurity insurance. E-commerce companies can also benefit from cyber coverage. Besides losing money, downtime from a cyber event can potentially lose customers and sales.
In a similar vein, any company storing client information online will benefit from cybersecurity insurance and its liability coverage. But be forewarned that not every business will qualify for this type of insurance. You’ll need to prove that you are doing everything possible to secure your data. If you’re not sure if your cybersecurity is the best it can be, that’s something we can help you figure out.
5. What doesn’t a Cybersecurity Insurance Policy cover?
Whenever a business purchases a cybersecurity insurance policy, check the policy documents carefully. Depending on the policy type, you may lack some coverage you wanted, or you might have coverage for things you weren’t aware of. Examples include paying legal fees, costs of notifying customers, meeting ransomware demands, costs of recovering data, etc. Make sure you’re happy with your coverage before you sign on the dotted line.
Since it hasn’t been around very long, policies and prices vary between providers. Therefore, businesses need to think carefully about what they would like covered in their cyber insurance policy. Depending on the industry, different organizations will need different types of coverage. If you need help figuring all of this out, you can book a complimentary Cybersecurity Business Review with us. The Review has a value of $2,500, so you’re already saving money.
Having your Managed Service Provider help you through the application process is a good idea. After all, we can help define what coverage your business will need. The bottom line is, if you don’t have it, look into getting it. Without it, you may risk making the same mistake as Sony did. If you have any questions, contact us for a cybersecurity consultation.