Will Your Business Make The Section 179 Deadline For 2016?
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The Section 179 tax deduction allows your business to write off the full cost of technology purchases, up to a maximum of $500,000. This deduction is only available to businesses whose total technology purchases for the year are less than $2 million, which means that Section 179 is geared perfectly towards small and mid-sized businesses. A wide range of items fall under Section 179 eligibility, from laptops, printers, and off-the-shelf software, to office furniture, specialty equipment, and even vehicles.
However, Section 179 has a very firm December 31st, 2016 deadline, and only items purchased, shipped, and installed at your physical location by midnight on December 31st are eligible for this deduction. Any qualifying items need to be in use at your office in order to count towards the Section 179 deduction for this year.
This deadline is approaching fast, which may put a lot of larger purchases out of your reach for this year. But that doesn’t mean you are out of options. Something like Microsoft Office 365 falls under the off-the-shelf software category, and can be purchased and installed quickly and easily with help from your IT provider. Items like laptops or printers that have already been purchased this year but not set up can still be put into use in time to qualify.
If your intended purchases will take time, research, and planning, now is the perfect time to talk to your IT provider about making those changes happen in 2017. The Section 179 deduction as it stands now will be an annual opportunity for your business, meaning that you’ll have this same amazing chance to save your business thousands of dollars on technology investments year after year. A consultation with the Sensible Systems team can help your business figure out which technology purchases will provide the most benefit to you in the long run.
Finally, please keep in mind that Sensible Systemsis an IT provider. While we can offer you our advice, you should direct any questions about the finer points of Section 179 to your CPA or tax attorney.