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Tip of the Month Nov 2015 - "Tip: Year-End Technology Purchases May Lower Your Tax Bill"

Tip of the Month Nov 2015 - "Tip: Year-End Technology Purchases May Lower Your Tax Bill"

Tip of the Month Nov 2015 - "Tip: Year-End Technology Purchases May Lower Your Tax Bill"

Excerpt


Tip: Year-End Technology Purchases May Lower Your Tax Bill



Before year’s end, make sure you take advantage of tax deductions that are intended specifically to help reduce technology costs for small- and mid-sized businesses. Section 179 of the tax code allows business owners to write off the cost of new or used computer equipment and off-the-shelf software purchased for their businesses. The current deduction limit is $25,000. Because Section 179 can change from year to year, it’s important to take advantage of this write off while it is available. Most technology purchases will qualify, but it is a good idea to consult your tax professional to make sure that your intended purchases will meet the requirements for a tax deduction.


 


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