When December air turns frosty, children of all ages envision sleigh bells and a cornucopia of gifts. Business owners make their own wish lists. But instead of letters to Santa, they dream of year-end tax deductions. With Section 179 of the tax code offering more tax relief than ever, small businesses can make those dreams a reality with upgraded technology.
The Tax Cuts and Jobs Act, which took effect last year, introduced some key adjustments to Section 179 and bonus depreciation that put even more money back into the business budget. These changes include the following:
For example, a business takes advantage of the opportunity to replace aging computers and upgrade the computer network. With qualifying expenses totaling $1.2 million, the business qualifies for the $1 million deduction. It then takes the bonus depreciation for the remaining $200,000. In a 35 percent tax bracket, the business thus gains $420,000 in tax write-offs.
With the December 31 deadline fast approaching, now is the time to start making strategic technology investments. You might upgrade computers and laptops to increase productivity, for instance. Or, you can take the opportunity to beef up cyber security and increase data storage.
Tap into the expertise at eMazzanti to capitalize on the tax savings waiting for you. We can guide you through the maze of hardware and software options available and help you forecast your technology needs moving forward. Contact one of our Section 179 technology specialists today to begin the process.
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