As we approach the end of the year, many businesses evaluate their IT network and look for ways to effectively utilize the remainder of their IT budget. From cloud services to little-known tax breaks for businesses, Ontech Systems can help you make the most of your budget this year.
Embrace Cloud-Based Services
When people reference “moving to the cloud”, this could include anything from long-term email/data storage to HIPAA compliant file sharing, and more. One of the reasons cloud services have become so popular is because they help you reduce costs and greatly improve the way your company does business.
Rather than wasting precious IT resources on new servers and bulky hardware, you can rely on the power of the cloud, freeing up physical space in your office.
Are you ready to make the most of your limited company resources?
Through the following statistics, it becomes clear that cloud-based services can positively impact your IT budget.
- Some 84% of IT executives interviewed said they planned to move more of their workloads to the cloud over the next two years. OpsRamp, 2017
- Even more IT execs, 94% of those interviewed, felt that moving to the cloud would reduce their setup and maintenance costs. OpsRamp, 2017.
- Nearly half of respondents said that moving to the cloud would drop their IT costs by 30-50%, a significant savings indeed. OpsRamp, 2017
- 75% of organizations surveyed said they planned to use multiple cloud service infrastructure providers to meet their business needs. OpsRamp, 2017
Take Advantage of Year-End Tax Savings
If your workplace computers are in need of an upgrade or you plan to invest in other types of equipment, you could maximize your IT budget and get Uncle Sam to pick up part of the tab through the Section 179 tax deduction.
Since 2015, the IRS has allowed businesses to deduct up to $500,000 worth of equipment purchases per year – a figure that could be a real game changer for your business if you’re in need of the various types of equipment described here.
The IRS tax code that allows this substantial deduction is known as Section 179, and unlike other parts of the tax code, it is pretty straightforward.
In order to qualify, your businesses must purchase IT equipment and start using it right away. In order to justify the deduction and protect yourself, be sure to keep all relevant records, including purchase orders, receipts and invoices.
You’ll also need to keep a running total of how much you spend, since the deduction tops out at half a million dollars.
As with any tax planning, it’s best to consult your CPA or tax professional before taking advantage of this deduction. A tax professional can help you make the most of this opportunity and help you protect yourself going forward.
Other Ways to Save On IT Costs
Investing in managed services, for example, could substantially reduce your costs, strengthen network security, allow for predictable IT costs, and reduce your overall IT expenses long-term.
Whether your goal is to identify and remove potential security loopholes, or engage your staff in security awareness training, give Ontech Systems a call at 262-522-8560 or contact us online to discuss your needs.
We’ll help you find the best solution for your budget, requirements, and long-term goals.