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Use IRC Section 179 to Benefit From Significant Tax Deduction on New Technology
Gateway TelNet, a leading provider in unified communications, announced today that the company is helping customers take advantage of a large tax-break for small to mid-sized businesses with Internal Revenue Code (IRC) Section 179. Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. That means that if a business owner buys (or leases) a piece of qualifying equipment, he can deduct the full purchase price from his gross income. Essentially, it's an incentive created by the U.S. government to encourage businesses to buy new equipment and invest in their companies.
The recession has taken a toll on many businesses and this program provides a means for business owners to access much needed savings on major purchases of technology equipment, software or business phone systems. If business owners act by December 31st, 2012 they can write-off the entire purchase price of qualifying phone systems in the first year up to $139,000. While every transaction is different and tax professionals should be consulted on specific situations, the potential rewards of this program have nudged many business owners to invest in the technology they need to gain a competitive advantage for 2013. This year, Section 179 also extends to cover off-the-shelf software purchases in addition to traditional equipment. Many business owners have installed new business phone systems as a result of this addition to the tax code, because recent breakthroughs in unified communications are enabling businesses to collaborate better, faster and more efficiently with one another.
"We were stunned to find out that so many of our customers had not yet heard of Section 179," commented Jerry Hilecher, President of Gateway TelNet. "We may specialize in delivering technology solutions to our customers, but we treat our customers like partners. When we find something as powerful as this program we have always considered it to be our duty to share this information to our customers. Our goal is to introduce our customers to technology that not only enhances their productivity, but more importantly increases their bottom-line. That approach has contributed largely to our success over the years and we plan on continuing to serve our customers in a proactive manner for years to come."
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