You can take advantage of the 2020 tax incentives and make your IT purchases more affordable. Do you know these incentives? Discover them now and learn how you can apply them to your technology purchases.
Organizations today need to invest in IT to enjoy its many benefits that offer solutions that drive growth. The right undertakings can help you meet your objectives, provide a competitive edge, and improve your operational efficiency.
IT investments can be expensive. Many organizations do not spend on IT innovations because they do not have adequate resources to get them.
Do you have resources for all your IT infrastructure purchases?
The 2020 tax incentives for business IT purchases can offer some savings on IT investments. They can reduce the costs of your acquisitions, freeing your resources for crucial areas.
Clients often ask HRCT what the tax incentives for business technology purchases are and how they can take advantage of these opportunities to lower their spending. HRCT provides IT services and support. This article will help you discover the 2020 tax incentives for business technology purchases.
What Are the Top 2020 Tax Incentives for Business Technology Purchases?
These incentives apply for hardware or software purchases that organizations make. Maximize these tax incentives to make your purchases affordable.
- The Monetary Limits: Organizations that buy eligible infrastructure worth up to $2,590,000 can deduct up to $1,040,000 from the taxable sum starting from the 2020 tax period.
- Sec. 179 Deduction Threshold: The incentive reduces for purchases worth over $2,590,000.
- Bonus Depreciation: This incentive kicks in once you surpass Sec. 179 limit. Buyers can deduct a substantial amount of the investment’s cost in the first year instead of spreading the depreciation cost over many years. Depreciate 100% of the asset if you purchased it for over $2,590,000.
This incentive does not cover tax periods beyond 2022.
How Can You Leverage These Incentives to Buy Technology Infrastructure?
You may take advantage of Sec. 179 of the IRS tax code to reduce your IT investment costs. Technology purchases worth up to $1,040,000 may not meet the taxable threshold, as the deduction exists. Bonus depreciation is also available for purchases over $2,590,000 that qualify. You will need to buy the equipment and have it in service by the end of a calendar year to enjoy these incentives.
How Can HRCT Help You Enjoy These Incentives?
We can help you ensure your purchases qualify for these incentives. Our professionals will analyze your purchase and advise you on the best way to enjoy these incentives. We have experience with the IRS tax code to help you save on your IT investments.
HRCT provides business IT solutions, including cybersecurity, managed IT, cloud technologies, and telephone systems. We offer expert, customized, and affordable services that will help you achieve your objectives.
Contact us today and let us help you enjoy tax incentives for your IT purchases.
Are you ready to speak with us? Contact us via phone on (757) 399-3350 or our toll-free number (800) 319-1878. You can also email us at email@example.com, and we will help you enjoy tax incentives for your technology purchases.