Q&A of the Week October 10, 2024
Question
Can I deduct any technological purchases for my business?
Answer
Take advantage of Section 179 deductions if you're a business owner or freelancer!
You can deduct the full purchase price of qualifying technology-related equipment or software if its purchased within the year!
Things to consider about the tax code:
Immediate Deduction
Annual Limits (1.13 million as of 2023)
Bonus Depreciation
Qualifying Technology:
Computers & Servers: Whether it's laptops, desktops, or servers, the equipment qualifies as long as it's used for business purposes.
Business Software: Both off-the-shelf software and custom applications may qualify for this deduction, as long as they are used in your business.
Tech Equipment: This can include printers, routers, security systems, and other tools necessary to run your operations.
For more information: https://www.section179.org/