Do you want to acquire technology to invest in your business AND receive a technology tax break from the IRS? If this sounds like you then the next twelve days is very important to your business. On December 3rd, 2014 Congress approved section 179 which allows a large technology tax break for growing small to medium sized businesses.
What Does This Mean?
This new approval from Congress encourages small and medium size business to acquire technology and invest in themselves under Section 179. Businesses who do acquire technology have until midnight December 31, 2014 to qualify for this huge write-off of over $500,000. Under Section 179, businesses who have financed or purchased equipment and/or software during the tax year can deduct the FULL purchase price from their gross income. This allowance is encouraging news for organizations who are growing and would like to invest more in their own company all while keeping more income in their business.
Rather than following the usual process of breaking depreciation deductions into smaller deductions over several years, technology purchases filed under Section 179 will now allow business owners to claim their full depreciation deduction from technology in one year.
For more information and to see if your business qualifies for Section 179, click here to visit the IRS website with detailed information on Section 179.