We all hate paying taxes. We don't need to get into the politics of it but we can all agree we don't want to pay more than we are legally required to. Did you know that businesses get a tax write off in Section 179 of the tax code for investments in technology and off-the-shelf software. If you've been holding off on making the switch to EMV compatible systems or upgrading your process, this is a great time of year to consider the investment.
For a retailer, here are a few examples of how you can take advantage of the deduction.
- Invest in a new Point of Sale system that can help streamline your business process and make better decisions. For a single location store, you should expect to spend between 2-5k on the new software and appropriate training.
- Upgrade your POS equipment: Are you still using a 15 year old Epson receipt printer that looks like it hadn't changed in the 20 years before that? POS hardware tends to no upgrade a quickly as other pieces of technology but there have been advances in recent years that are worth investing in.
- Upgrade your network (internet): If you have or are switching to a cloud based platform, you need to strongly consider upgrading to better networking equipment. Helpful tip, call an IT professional, not your ISP (Internet Service Provider), for equipment like this. We love Meraki but there are other really good ones out there to fit various budgets.
- Finally get a new computer: Apple just came out with new MacBook Pro's, Microsoft finally came out with something attractive (unfortunately it's still on Windows but that's ok) and it's all tax deductible. You may not realize how much your old computer is slowing you down but you will soon notice the difference.
I don't know if you are like me, but if I had to pick between a computer and lower taxes or just higher taxes, I'd rather at least have something to show for it. Make the use of this great tax code and help your business grow.
Need help? The Streamline specializing in helping Retailers utilize technology to increase revenue and not hate their job. If we can help in any way, reach out to us at email@example.com