Section 179 allows accelerated depreciation on qualifying equipment, enabling businesses to deduct the full cost of eligible purchases made through the end of 2023.
“With Section 179, businesses can deduct the full cost of new office technology this tax year,” said Mike Ardry, Vice President at office technology provider, Automated Business Solutions, “This benefit may not always be available, so we encourage businesses to take advantage now before it’s too late.”
Under Section 179, businesses can deduct up to $1,160,000 in qualifying expenses, including copiers, printers, IT hardware, software, and more. While Automated Business Solutions specializes in office technology solutions, their philosophy is to constantly share any piece of information they can with business owners that will give them an advantage.
Automated Business Solutions is not a tax advisory firm, and recommends business owners consult with a qualified tax advisor to utilize Section 179.
“Our main goal is to help our peers maximize profits,” Ardry added. “Typically, we achieve that by equipping them with the right office technology; however, Section 179 is too important to overlook. We’re happy to share this tax tip. Planning purchases by Dec. 31st lets companies leverage Section 179 for immediate tax relief.”
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