US Government – Section 179 at a Glance for 2020
Executive summary:
Hidden government benefits: There’s a little known tax relief called Section 179. Where you can write off the entire spend on new IT hardware and software in this tax year (rather than depreciate over a few years)
The clause: To qualify, you must make the purchase and put it into service by the end of the day on December 31, 2020. [easy_countdowner name=”Section_179″ theme=”default” animation=”smooth” end_date=”2021-01-01″ end_time=”00:00:00″ day_label=”Days” hour_label=”Hours” minute_label=”Minutes” day_color=”#60686F” hour_color=”#60686F” minute_color=”#60686F” second_color=”#60686F” circle_bg_color=”#E2E2E2″].
The urgency: Time and supplies are running out! Literally… Christmas will slow B2B purchases down. And supplies of hardware are still massively disrupted due to the virus. You really should invest now in anything you think you’ll need in 2021
Have you heard of Section 179?
It’s part of the IRS tax code that aims to help small businesses, just like yours.
When you buy new equipment or software, you can deduct the full purchase price from your gross income this year rather than depreciate it over a few years.
The program is designed to encourage you to invest in your business. And it’s a generous relief you can write off up to $1,040,000 in this tax year.
There’s a comprehensive guide with illustrations and information you can run by your CPA here.
Book your 15-minute video call now:
If you want new computers, technology, or software, you need to act TODAY
See, the one clause is that you must have purchased the equipment or software and put it into service by the end of the day on December 31, 2020.
Not only that – we still see supplies of hardware hugely disrupted by the virus (the supply chains never got back to normal this year). It’s still challenging to get hold of certain specifications or pieces of equipment.
If there are more lockdowns next year and you want to source hardware then, not only will you have lost these tax benefits, but the technology you want might not be available.
So, if you can see any need at all to purchase new hardware, technology, or software in the next few months – act now, and benefit from Section 179.
Our team is ready to assist you with Section 179 questions
Unlike most IT support companies, we know all about Section 179 and how speed is essential. We’ve been gearing up for this for some time.
Here’s how to talk to us.
- Call us now on 402-492-8200 to tell us what you need
- Email info@cstg.com