Deduction Limits for 2024
Leading MTSP Encourages Companies to Maximize Profits with Updated Tax Code Benefits
Salisbury, MD – October 22, 2024 – Telewire, Inc., a leading managed technology services provider (MTSP), is encouraging business owners to take advantage of the IRS Section 179 tax deduction, which provides significant savings on capital expenditures for 2024. This year, businesses can deduct up to $1,220,000 on qualifying equipment purchases, including IT infrastructure, managed software, cybersecurity solutions, phone systems, surveillance systems and other essential business tools.
Under the Section 179 deduction, businesses can depreciate 100% of the cost of eligible equipment bought or financed, provided it’s put into service before December 31, 2024. While Telewire does not offer financial advice, the company is informing business owners to consult with their CPA to ensure they don’t miss this opportunity to increase their profits before the end of the year.
Bryan Murfree, President at Telewire, stated, “Section 179 is an incredible opportunity for businesses looking to invest in their future. With political uncertainty surrounding tax policies in the coming years, it’s essential for companies to capitalize on this deduction while it’s available. We’re committed to sharing information that can help businesses thrive. We feel a duty to help our fellow business owners thrive by sharing information, resources, expertise or any other value we can offer.”
Murfree emphasized that many businesses often delay capital investments until the end of the year, but Section 179 rewards those who plan ahead and reinvest in their operations. “While everyone is focused on finishing the year strong, it’s worth taking a moment to assess which projects and upgrades can be made now to take advantage of this tax code,” he added. “This deduction can instantly boost profitability by reducing tax liabilities, making it an easy win.”
Telewire’s core mission is to simplify technology and improve profitability for its clients and sharing this tax benefit aligns with that goal. “We strive to help our customers boost their profits in any way we can, usually through technology, but in this case, it’s a simple financial strategy,” said Murfree. “Business owners have enough on their plates. By taking a moment to plan for the future, they could see significant tax savings.”
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.
