SALISBURY, MD – November 18, 2022 – Telewire, Inc., a leading managed IT services provider (MSP), is reminding business owners about the IRS Section 179 tax deduction which affords them accelerated depreciation on capital expenditures. Through this deduction businesses can depreciate 100 percent of the cost of eligible equipment bought or financed from September 27, 2017, through 2022 as long as the new equipment is put into service before December 31, 2022. Businesses can deduct up to $1,080,000 in qualifying equipment expenses on items including IT equipment, managed IT software, cybersecurity solutions, business equipment, and more. While Telewire specializes in office technology solutions, this section of the tax code is too important for business owners to overlook.
Bryan Murfree, President of Telewire stated, “Section 179 is important to take advantage of because there’s no guarantee that this benefit will always be available in the future. If a business is looking to make near-term investments into their infrastructure, this is too good of an opportunity to miss out on. While we do not profess to be tax experts, we do consider it our duty to pass along helpful information to local businesses. At the end of the day, the purpose of all the technology we provide to businesses is to increase their profits and Section 179 can immediately achieve that end. If we’re helping other businesses by providing this information whether or not they decide to work with us by purchasing office equipment, we’re happy to share information for mutual benefit.”
While many businesses tend to delay decision-making on capital expenditures until the last minute, this part of the tax code rewards businesses for planning ahead and reinvesting into their company’s future. Even though many business owners are hustling to ensure a strong Q4 at this point in time, if they can step back and reassess which projects they’ll be investing in for the new year, they can immediately make them more profitable by leveraging this part of the tax code.
“We’re constantly looking for ways to simplify our customers’ lives and to boost their profitability. While we predominantly utilize technology to do accomplish those objectives, we felt compelled to remind our peers about this opportunity,” commented Murfree. “Business owners already have enough challenges to deal with and we believe that this simple solution could alleviate some tax liability for anyone who is able to pause for a moment and plan their 2023,” added Murfree.
Telewire is not a tax expert and recommends that any business who wishes to take advantage of Section 179 consult with a CPA or licensed professional.
ABOUT TELEWIRE, INC.
Telewire has established strategic partnerships with a spectrum of leading-edge business system providers, enabling the company to deliver the most advanced, secure applications, including Secure Cloud Computing, Advanced Cybersecurity Solutions, IP Telephony, and Multi-Node Networking. With over 30 years of industry experience, Telewire has the resources and expertise to find solutions to any business issue. Regardless of the size, Telewire can design a system that is efficient, user-friendly and cost-effective. For more information, please call 800-787-2355, or visit www.telewire-inc.com.
