IRS Section 179 is a valuable tax incentive for small and medium-size businesses. It allows businesses to deduct up to $1.2. million on qualifying equipment purchases for 2024. To qualify, equipment must be “plugged in” and operational by the end of the year.
According to ITC, Section 179 offers immediate tax savings. 179 allows businesses to deduct the full cost of their equipment in the current year. This can significantly reduce tax liability. The incentive is meant to allow businesses to invest in technology and equipment that boosts production and efficiency.
ITC Can Help Decide
While ITC does not offer tax advice, as a managed technology services provider, our technicians and technology experts can help you and your business identify equipment purchases that help you take advantage of the IRS Section 179 deduction. In addition to a tax break, ITC says adding the right technology can improve your operations, bottom line, and, most importantly, your security.
Investments To Consider
While all businesses are different, there are some universal upgrades that may qualify for Section 179. This includes computers, laptops, networking equipment (such as routers and switches), storage devices, operating systems, managed IT services, telecommunications equipment, IoT devices, and security systems.
By strategically investing in technology that takes advantage of Section 179, businesses make a smart decision toward ensuring their future operations move ahead smoothly and are ready for whatever 2025 may bring.
