Telewire, Inc., a leading managed technology services provider, is advising business owners to take advantage of the IRS Section 179 tax deduction for equipment purchases before the December 31st deadline. Section 179 allows accelerated depreciation on qualifying equipment, enabling businesses to deduct the full cost of eligible purchases made through the end of 2023.
“Section 179 is an opportunity business owners shouldn’t overlook,” stated Bryan Murfree, President at Telewire. “With no guarantee this tax benefit will always be available, now is the ideal time to leverage Section 179 and maximize deductions.”
Eligible equipment purchases include technology solutions, managed services software, cybersecurity tools, business equipment and more, and businesses can utilize up to $1,160,000 in deductions. While Telewire specializes in technology solutions, the company felt it important to inform all organizations of this tax advantage.
“Above all else, our goal is to boost our customers’ profitability,” Murfree added. “Normally, we can achieve that end by deploying leading edge technology that enhances organizational efficiency, but in this case, this is just too big of an opportunity to pass up. We’re not tax pros, but we believe it’s our duty to share helpful information.”
Due to this deadline, Telewire recommends companies pause and assess equipment needs for 2024 before reaching the end of this calendar year. Purchasing or financing solutions before December 31st allows the full deduction of those costs under Section 179. Planning ahead is key to optimizing this tax benefit.
While Telewire focuses on leveraging technology to drive business success, Section 179 can provide immediate tax relief and is an opportunity not to miss. Telewire recommends consulting a qualified tax professional for guidance on Section 179.
