Section 179: End-of-Year Tax Benefits You Don’t Want to Miss
Section 179 of the IRS tax code is a game-changer for businesses looking to invest in new equipment or software. It allows you to write off the full purchase price of qualifying tech in the year you bought or financed it. Designed to help small businesses invest in themselves, Section 179 doesn’t just save you on taxes—it also boosts productivity, security, and even staff morale.
If you’re a small business owner considering a tech upgrade before the end of the year, you could unlock more than just tax savings. Let’s explore three key benefits: productivity, security, and team morale.
Boost Productivity with the Right Tech
Gone are the days of the traditional 9-5 workday. Thanks to technology, businesses have embraced flexible schedules, remote work, and new ways of getting things done. Cloud-based software now lets your team access files and collaborate from anywhere with an internet connection.
With the right tech, your team can:
- Chat, share files, and collaborate in real-time through virtual meetings.
- Get more done by working on a schedule that fits their lives.
- Instantly connect with teammates and customers—anytime, anywhere.
Strengthen Your Cybersecurity
Outdated tech is a cybercriminal’s best friend. The weaker your security, the easier it is for them to break in. And with the rise of personal device usage and increasingly sophisticated cyber threats, now’s the time to take action.
It’s never too late to beef up your cybersecurity. Whether you hire a managed service provider to assess your system or do your own research, there are plenty of ways to strengthen your defenses. The Cybersecurity & Infrastructure Security Agency is a great resource for cybersecurity tips.
Here are some best practices:
- Keep antivirus, malware, and firewalls up to date.
- Secure all laptops and mobile devices.
- Use advanced email filters to catch phishing attacks.
- Enable multifactor authentication (MFA).
- Regularly back up critical business data.
Boost Staff Morale with New Tech
Outdated technology doesn’t just slow down work—it can also tank employee morale. Nothing’s more frustrating than waiting for slow websites to load or reports to generate. When tech keeps your team stuck in “waiting mode,” productivity plummets, and frustration grows. On the flip side, happy employees equal a happy bottom line.
If you’re serious about boosting morale with new tech, start by talking to your team. Ask them what tools are slowing them down and what they need to collaborate more effectively. You might be surprised at what you hear.
Take Advantage of Section 179 Before It’s Too Late
The right technology helps you work smarter, stay flexible, and keep your data safe. And thanks to Section 179, upgrading your tech has never been more affordable. But if you want to take advantage of the deduction for 2022, you’ll need to act fast! The deduction applies to equipment that’s in use before the end of the year.
So, before you make any purchases, be sure to consult a tax professional to see how Section 179 relates to your business. And happy holidays from all of us!