Need to upgrade or replace equipment and software?
Section 179 of the IRS tax code makes it possible for businesses to deduct the full price of qualifying equipment or software purchased or financed during the tax year. If you buy or even lease qualifying equipment, you are allowed to deduct the full price from your gross income up to a maximum deduction of $1,080,000 for 2022.
Many businesses have lagged in upgrading and replacing older technology and software post-pandemic. Section 179 of the IRS tax code lets you deduct the full price of qualifying equipment or software purchased or financed during the tax year.
River Run has the purchasing power of a major corporation due to the amount of hardware and software we purchase and install for our clients each year. So if you are looking to maximize your tax deduction advantage for 2022 and increase your cybersecurity and productivity, now is the time to contact us to give you quotes and proposals as the purchased items must be in service prior to December 31st.
The end of the year is quickly approaching, and it’s time to take the proper steps to minimize taxes on your personal and business returns. Your tax planning strategies for 2022 should include accelerating deductions and deferring income—so act within the next several weeks to capture tax savings for the year.
You can elect this option in place of recovering the cost by taking depreciation deductions. All businesses that purchase, finance, or lease less than $2.7M in new or used business equipment placed in use during tax year 2022 qualify for the Section 179 Deduction.
For more information on how this can benefit you, consult with your company tax attorney and/or CFO and visit the official website: www.section179.org
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