Maximize Your Business Savings with Section 179: Upgrade to Konica-Minolta BizHub Copiers and HP LaserJet Printers

Maximize Your Business Savings with Section 179: Upgrade to Konica-Minolta BizHub Copiers and HP LaserJet Printers

Konica-Minolta BizHub Copiers and HP LaserJet Printers: How the Section 179 Deduction Can Benefit Your Business

Every small business strives to minimize expenses and boost workplace efficiency. One powerful way to achieve this is through the Section 179 tax provision, which allows businesses to deduct the full purchase price of qualifying equipment, such as Konica-Minolta BizHub copiers and HP LaserJet printers, from their gross income. If your business operates on a tight budget but needs new office equipment, leveraging the Section 179 deduction can be a significant advantage. Here’s what you need to know about this valuable tax break.

What Is Section 179?

Section 179 is a tax incentive that benefits businesses purchasing or financing equipment within the tax year. This provision applies to tangible personal property used for business purposes, meaning that office equipment like new multifunction printers and copiers can be tax-deductible.

Businesses can deduct the full purchase price of qualifying equipment from their gross income, with an annual cap on the total amount of eligible purchases. For 2024, the expensing limit is set at $1,220,000.

How Section 179 Can Benefit Your Business

1: Immediate Deductions

While traditional depreciation spreads the cost of an asset over several years, Section 179 allows you to deduct the entire purchase price of qualifying equipment in the year it is placed into service. This immediate deduction reduces your taxable income and frees up funds that can be reinvested in other areas of your business.

2: Improved Productivity

Section 179 covers a wide range of office equipment, including printers, copiers, and document management system (DMS) software. By upgrading to newer, more advanced devices such as Konica-Minolta BizHub copiers and HP LaserJet printers, you can enhance productivity. These modern machines offer better security and intuitive features that streamline everyday tasks, allowing your team to work more efficiently.

3: Reduced Office Costs

The tax savings from Section 179 can significantly lower the overall cost of ownership for new office equipment. Moreover, investing in updated technology can lead to further savings by reducing downtime and improving time management. Document management systems, in particular, can cut costs by decreasing paper and toner usage, contributing to a more cost-effective and eco-friendly office environment.

How to Claim the Section 179 Tax Deduction

1. Purchase Qualifying Property

The Section 179 deduction applies to tangible personal property, including office equipment like printers, copiers, and digital document management systems, as well as improvements to non-residential buildings and certain business vehicles and software.

2. Verify the Purchase Date

Ensure you keep accurate records of the purchase date. To qualify for the deduction, the property must be purchased and placed into service within the tax year you are claiming.

3. Complete IRS Form 4562

To claim the Section 179 deduction, you must complete IRS Form 4562, Depreciation and Amortization. This form helps calculate the depreciation deduction.

4. Include Form 4562 in Your Tax Return

Attach the completed Form 4562 to your business tax return, clearly documenting the Section 179 deduction on the appropriate line.

Start Upgrading Your Office Equipment Today

Section 179 makes upgrading old office equipment more affordable. If your printer or copier is malfunctioning, or if you’re looking to go paperless with a document management system, consider the premium multifunction printers (MFPs), copiers, and DMS software from Konica-Minolta and HP. Contact QLS Solutions Group today to explore our range of advanced office technology from these top brands. 716-852-2203 or Book a Quick Meeting - https://calendly.com/qls-gary