...comes “tax season” -- and it’s already not that far away for anyone wanting to minimize this year’s business taxes.
With that in mind, before too much Thanksgiving turkey induces sleep, it makes sense to review your IT and other high value assets now. If there are capital items overdue for replacement, or gaps in your IT plan (like the cheap Internet router that really ought to be a business-class firewall), now is an excellent time to address those – and maybe get a significant tax savings as well.
How? IRS Section 179 provides for same year expensing of items that would normally be subject to depreciation over a number of years. This can be applied to equipment and software, like servers, PC’s, firewalls, backup appliances, phone systems, or that new Surface Pro or MacBook you’ve been wanting (for your business, of course).
In 2015, that first year write-off can be up to $25,000! You can find more information on IRS Section 179 and how it can help pay to keep your business IT current at www.section179.org. I’m sure we probably need to say that neither this column, nor that site, are intended to be individual accounting, tax, and/or legal advice. And I would ALWAYS recommend you consult with your tax professional.
But if you’re looking to reduce your business income tax bite to a nibble -- and improve your business at the same time, there’s still time to evaluate system replacements and upgrades – and put them in service before December 31 (a requirement to take advantage of Section 179). Let us know how we can help.
