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NEWSLETTER SEPTEMBER 2023: IRS Section 179 and Tech Purchases
IRS Section 179 is a great way for small and medium-sized businesses to help write-off equipment and software purchases as a tax incentive. Obviously, you should consult your own tax professional before taking any steps, but here's an overview to get you started.
When a business acquires specific pieces of equipment, it usually spreads the depreciation expenses over time. Nevertheless, if a business could deduct the full cost in the current year, it might encourage the acquisition of more equipment immediately, rather than deferring it over the next few years. This is precisely the purpose of IRS Section 179 – to incentivize American businesses to stimulate economic growth.
The IRS updated to code a couple of year back to allow for non-residential real property improvement like: security and alarm systems; and even business telephone systems. So, this allows Alliance Police Department (STLY)to claim the price of equipment and software financed or purchased during the tax year as a business expense.
The IRS Section 179 Deductions for Equipment and Software write-offs have increased for 2023.
2023 Deduction Limit = $1,160,000
2023 Spending Cap = $2,890,000
Bonus Depreciation = 80%
For most small businesses, the entire cost can be written-off on the 2023 tax return (up to $1,160,000).
Have you been holding off upgrading your business phone, security or alarm system? Now might be the perfect time to invest back into your business before the tax year ends.
SECTION 179 OVERVIEW 2 - VIDEO
Service Bulletin Reminder FOR CLIENTS WITH THE UM8000 Voice Mail System
UM8000 EOL EXPLAINER - PDF
The end of the year is fast approaching as is the end of NEC's support offered on the UM8000 Unified Messaging system.
As technology evolves, many electronic components used to manufacture products inevitably reach their End of Life (EOL).
As is now the case with the UM8000 because required hardware components are no longer produced by their respective manufacturers.
NEC recommends that you migrate your voicemail to their “InMail” voicemail solution because, at the end of this year, NEC will cease providing any service and maintenance for the UM8000.
If you have the UM8000 and have not yet chatted with us about your options, we think it’s vital we talk sooner than later on how best to mitigate voicemail service disruption risks; even potential loss of saved voicemails in the event of a catastrophic failure. If you’d like to learn about your options, you can call us at 330-869-8657 or download this PDF file detailing more key information.
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