As this year comes to a close, there are many things on the minds of business owners. New things like how COVID shaped business landscapes and now the new variant. How will this variant affect this coming business year? Many companies right now, think, do they need to spend money before the end of the year to offset their tax liability? With so much uncertainty, the one thing you can be sure of is that an investment in technology for your business, if done right, will pay for itself and then some going forward.
The companies that faired best in 2020 and 2021 had already invested in remote work solutions and disaster recovery plans. Their staff had already worked from home, some regularly and some when snow resulted in a state of emergency. They also had phone systems that could be answered using an app on their cell phones and/or desk phones that could be taken and used anywhere with an internet connection. Many employees were already comfortable using interoffice messaging apps like Microsoft Teams to communicate, share things, and collaborate, no matter where they were working. In this business landscape, it would be unwise to not at least have a plan in place for your staff to work at home on a moment’s notice.
Another consideration is Section 179 of the Federal Tax Code. Investments in hardware and software for your business in this tax year may be fully deductible in the same year instead of being depreciated over many years. Visit https://www.section179.org/ and speak with your tax professional for more information.
Also, it’s never too late to invest in your business this year. Give us call at 856 266-9740, if you would like to discuss how technology could help your business thrive in the years ahead.