Uncategorized

How to Take Advantage of Section 179 Tax Code

You’ve most likely put off upgrading your IT infrastructure for too long, but thanks to a special IRS tax code, now might be the perfect time to do so. Small businesses can take advantage of Section 179 of the tax code to deduct operating expenses, like your IT infrastructure. If you are looking for ways to reduce your taxable income while simultaneously improving your business, take advantage of all the deductions available! 

 

What is Section 179?

Section 179 of the tax code allows businesses to deduct certain operating expenses from their taxable income. This deduction can be taken for a variety of costs, including but not limited to:

 

  • IT services
  • Hardware and software
  • Office supplies and equipment

 

Why is this important for small businesses?

At Liberty Technology, we advocate for small businesses. We understand that they are always looking for ways to reduce their taxable income and save money. We also know that small businesses need the right IT setup in order for them to thrive. Section 179 can be a great way to improve your business’s IT while also lowering your taxable income.

 

How do I take advantage of this deduction?

If you are a small business owner, there are a few things you need to do to take advantage of the Section 179 deduction. First, you must ensure that your operating expenses are adequately documented. This means keeping receipts and invoices for everything from IT services to office supplies. At Liberty Technology, we ensure invoices meet the tax standard and save you the hassle. Once you have those documents, you need to file Form 4562 with your tax return. This form will help you calculate the amount of your deduction.

 

We hope this blog post has helped explain the basics of Section 179. If you have any questions, contact Liberty Tech today. We would be happy to answer them!

Back Next

Recent Blogs

Protect Your Data

Your data is one of the most important assets of your business. It is what allows you to keep track of your customers, sales, and operations. However, if this data falls into the wrong hands, it can irreparably harm your business. That’s why it’s so important to protect your data from unauthorized access and theft. […]
Oct 1st, 2022 | by Ben Johnson

How to Take Advantage of Section 179 Tax Code

You’ve most likely put off upgrading your IT infrastructure for too long, but thanks to a special IRS tax code, now might be the perfect time to do so. Small businesses can take advantage of Section 179 of the tax code to deduct operating expenses, like your IT infrastructure. If you are looking for ways […]
Oct 1st, 2022 | by Ben Johnson

Why It Security Is Important For Business

While Liberty Technology provides IT disaster recovery and stands ready to assist you in a moment of crisis, we hope that day never comes. Taking preventative measures can drastically increase the probability that it never will. Don’t think you need the top of the line in IT security or worried it costs too much money? […]
Oct 1st, 2022 | by Ben Johnson

How To Manage A Hybrid Workplace

Working remotely was not just a temporary effect of the COVID-19 pandemic. In fact, it’s not going anywhere. Many businesses are making permanent shifts to full-time remote or hybrid models. If your business has taken this route, have you considered how that will affect data security? Your current security measures and policies are based on […]
Oct 1st, 2022 | by Charles Goodsell

Why Your Company Needs An IT Assessment

How do you feel about your company’s data security? If a hacker tried to steal your data, would they succeed? Would such an occurrence catch you completely off guard and throw your organization into disarray? Would you look back and wonder what you could have done differently to prevent it? The truth is, there is […]
Oct 1st, 2022 | by Charles Goodsell

Having trouble staffing your Internal IT?

In the post-pandemic economy, many small business owners are having trouble getting back to “business as usual.” A big part of that challenge has been attracting talent. According to National Federation of Independent Businesses (NFIB) Chief Economist Bill Dunkelberg, “Main Street is doing better as state and local restrictions are eased, but finding qualified labour […]
Oct 1st, 2022 | by Ben Johnson

5 Things to Look for When Choosing an MSP

A managed service provider (MSP) can provide significant value to your organization. An increasing number of businesses and organizations are turning to MSPs to address their IT needs, including: Security: The constant battle against cyber attacks, data protection and retention, disaster recovery and more involves constant oversight and research that most IT departments simply don’t […]
Oct 1st, 2022 | by Charles Goodsell

The Evolution of the Cloud

Market trends are changing, and the IT world is on the cusp of a big shift. We at Liberty have a mission to stay on the leading edge of all things IT, and it’s our job to make sure you stay right out front alongside us. With the newest consumption model taking form, we are […]
Oct 1st, 2022 | by Ben Johnson

Windows 7 End of Life

After 10 years as one of the most universally loved operating systems, Windows 7 End of Life (EoL) is taking place January 14, 2020. And if there’s one thing zombie season should teach us, it’s to know when it’s time to say goodbye. Sure, Windows 7 brought new features, advancements, increased functionality and usability to […]
Oct 1st, 2022 | by Charles Goodsell

Ryuk Ransomware Attacks and What You Need to Know

Law Enforcement and other Governmental Agencies all over Georgia recently received a shocking warning in regards to what is being characterized as a targeted and organized series of Malware attacks. Shortly after this warning was released, over 20 Texas agencies were crippled. Ryuk Ransomware attacks are targeting Law Enforcement and Government Agencies in an attempt […]
Oct 1st, 2022 | by Ben Johnson

Dishing on Vishing and Phishing

Fraudsters are lurking everywhere, sometimes even in plain sight if you know what to look for. Some hacker-favorite tactics include vishing and phishing. Not sure what these odd words mean? Here’s a quick IT vocab lesson. vish-ing (noun) the fraudulent practice of making phone calls or leaving voice messages purporting to be from reputable companies […]
Oct 1st, 2022 | by Charles Goodsell

Two Ways to Protect Your Invisible Assets

At Liberty, we stand by our statement: The best way to get hacked is to believe you won’t be. It makes sense to protect the assets you can see, but, with an average cost of $3.86 million, a data breach of your “invisible” network resources could be even more costly than you might imagine. From […]
Oct 1st, 2022 | by Ben Johnson