In the last two years, companies worldwide have transitioned from a traditional office setup towards a hybrid workforce model as a part of a solution to the pandemic situation. While many employees are going back to the office, physical capacity in the workplace is still limited, and many companies need to make adjustments to accommodate everyone. Many businesses are finding that using a hybrid workforce is a solid long-term solution.
In a hybrid workforce environment, employees get divided into teams where some complete work at the office while others do their job from remote locations, usually from their homes. It lets work get completed while allowing social distancing.
The challenge for management is unifying their team and getting them to work as a unit, despite having employees working in separate physical locations. This setup is where a hybrid solution comes in. A working system comes with tools like stable network infrastructure and reliable and organized features that boost productivity. And, at the same time, the tools allow employees to coordinate seamlessly with other team members in the company for a consistent and coherent workflow.
The main objective of a hybrid system is to create balanced work productivity and to maintain consistent team effort regardless of the location of the workers. Besides the obvious benefit of allowing companies to continue operating in the face of the pandemic, a hybrid workforce also provides multiple benefits to both the employer and the employees. In fact, because of these benefits, many employers have decided to utilize the hybrid system as part of their permanent work setup.
While it has been going on for almost two years, the pandemic is still far from over. Many people are still hesitant to take public transport. Also, risk exposure in a public WIFI work environment for several hours at a time. With a hybrid system, anxiety from these issues is eliminated for everyone.
For the employer, a hybrid setup will dramatically reduce expenses with rental space or office maintenance. This will help free up funds for other aspects of the business. For the employee, there will no longer be a need for a daily commute. The cost will also reduce, helping you control the budget.
In a hybrid setup, employers can also hire international talents and not just local ones. Employers can easily employ services from workers from any part of the world. With the wide availability of online IT management services, it is easy to keep your technology ahead of the competition.
Migrating any business into a hybrid workforce environment is a lot of work. The process is not overnight. Microsoft came up with an approach that we could follow and developed powerful tools that we could all use to navigate the challenges of the transition.
If you have not yet taken any steps to shift to a hybrid system, now is the perfect time to go through Microsoft’s Hybrid Work: A Guide for Business Leaders. You’ll learn more about the need to make the transition. How it can benefit your company and your employees, and how to make the shift successfully.
Microsoft Teams Rooms is one of the many innovative tools Microsoft has developed to support hybrid workforce environments. It will connect remote workers in the office using tools that are powerful, flexible, secure, and easy to use. If you do not use the Microsoft Suite, you can always use ZOOM or similar programs.
Working with an MSP is the most efficient way to achieve the highest productivity out of your new hybrid workforce. We can provide you with all technical advice and security as you shift your business to online usage. We use state-of-the-art tools to keep you ahead of the competition. Also do all kinds of assistance in terms of hardware, software, data storage, and online support. Contact us today to learn how to flawlessly integrate your existing work setup into an efficient hybrid workforce system.
Time is running out to use the tax deductions available to you with the Section 179 tax law. You have until December 31st if you want to use those deductions this year.
Many small business owners look for ways to maximize deductions to minimize how much tax they pay – and for a good reason. One thing that not everyone knows about that could help is the tax code Section 179. If you’re unaware of what Section 179 is, this post will help you. We’ll explain everything you need to know about tax 179 deductions and how you can take advantage of it using your MSP, and we’ll even have a short quiz at the end!
This law applies to deductions for property depreciation. It doesn’t increase how much you can deduct overall, but it does give smaller businesses the option to act more quickly. The use of assets by some businesses can last up to 39 years. Section 179 means that a company can declare the deduction of this asset in one year alone instead of spreading over a longer time. Let’s say, for example, that Urgent Care buys a new $4000 television. Based on a TV’s life of 10 years, straight depreciation would allow the business to deduct a percentage every year for ten years. With Section 179, the entire amount is deductible the first year.
When you set up a new business, you have a lot more going out than you do coming in, and there are a lot of assets that need to be purchased. Section 179 tax law means that new business owners can take advantage of deducting their purchases straight away. Smaller but established businesses can also take advantage of buying new assets to help grow their company. Buying things upfront is costly, so with Section 179 tax law this outgoing is less burdensome. In addition, you don’t have to wait many years to benefit from tax deductions when you purchase assets.
You can claim tax deductions for assets that will last over one year (as determined by the IRS). This list includes:
An MSP can help you maximize your tax savings from Section 179 tax law. In addition, they will be able to guide you through the options for your hardware and software needs. Finally, they can help forecast your business’s future needs in terms of technology, including finance or lease services, equipment, and purchases.
If you answered ‘yes’ to the four questions, your business might be eligible to claim the deduction. You will need to complete Form 4562 (part 1) and describe the property, how much it costs, and how much of Section 179 tax law you’re claiming.
Finally, you cannot claim Section 179 tax law if you acquired the asset from someone related to you, including businesses, charitable organizations, and trusts with which you have a relationship.
If you have any questions about this deduction or anything else, remember that you can contact us anytime. We’re here to help!
If your company is upgrading computer software or hardware, now might be the right time to save lots of money for your business. Lots of small and medium-sized business owners will be familiar with some of the available tax deductions. However, as far as Bonus Depreciation and Section 179 tax deduction are concerned, many smaller business owners often believe these to be more complicated. This blog will help you understand how business technology upgrades use Tax 179 deductions.
Section 179 is an incentive for smaller businesses to finance, lease or purchase equipment by allowing up to $1,050,000 each year, deducted from taxable income for qualified business equipment purchases.
There are limitations on types of equipment and the amounts that they deduct. The Section 179 allowances mean that small and medium-sized businesses can make significant savings.
The max we can deduct is $1,050,000, and we can purchase for the full deduction at $2,620,000. Therefore, if purchased equipment costs more than $2,620,000, then the Section 179 deduction decreases at a rate of dollar for dollar and will reach zero when the cost of equipment reaches $3,670,000.
Tangible property by the IRS use The Section 179 tax deductions . The equipment must last over one year for the business. Possible purchases include:
This tax law is an incentive for small and medium-sized businesses to have a deduction on qualified purchases for their first year. For the year that the business buys and uses the equipment, they can deduct 100% of the expense and depreciation too.
Businesses are allowed to take both Bonus Depreciation and Section 179 allowances. However, you must apply Section 179 first. After the Section 179 limit of $1,050,000 has been reached, the rest is taken as bonus depreciation.
If you’re considering upgrading your business technology through the 179 tax deduction, now is a perfect time. You can use these purchases under Section 179.
By upgrading business technology, small and medium-sized businesses can save a lot of money while staying ahead of the competition. Upgrading technology will help your computers run faster. Work time is lost when computers take time to boot up. Smaller businesses feel this time lost much more than bigger companies. With upgrades in technology, productivity increases resulting in less downtime.
If it’s been a while since you invested in new technology, your devices might be wearing out. With older computers, any new software you purchase might not run correctly or may run much slower than it should. So investing in new technology and making the most of the Section 179 deductions is a huge opportunity.
As an MSP, we believe it’s important to let you know how your business can make the most of IT infrastructure and services to achieve outstanding business performance. The Section 179 tax deduction is an example of how your business can help its bottom line while improving its IT infrastructure. Contact us for a Business Technology Audit today to see how we can help you and your business.
When you’re a small business, it’s critical to get your taxes right. Many small business owners look for ways to maximize deductions to minimize how much tax they pay. One tax-saving loophole not everyone knows about that could help is the tax code Section 179 deductions. If you’re unaware of what Section 179 deductions is, this blog will help define it for you. We’ll explain tax 179 deductions and how you can take advantage of them with the help of your MSP.
As usual, we need to let you know that these offers may not apply to your business. To get the most out of this government program, we recommend consulting with your tax advisor. Now let’s learn how to save some money!
When we talk about 179 deductions, these are the classic ” tax deductions,” but they offer extra benefits. With many write-offs, you can only take partial deductions over a few years. Suppose you buy a car for your business, but you can only write off a portion of the value over the next five years. By definition, Section 179 deductions in the tax code allows a business to deduct the value of a property purchased for the business against any profits (or losses) that happened during the year it was purchased and implemented, thus lowering the total tax burden. This “property” falls into the following categories:
Business Personal Property: This would include anything purchased for business use that isn’t bolted to a floor or wall. This includes furniture, computers, software — even paper and pens!
Machinery and Equipment: This includes items purchased for businesses that are too large to move or are bolted in place. An example of this would be a printing press or conveyer belt.
Business Vehicles: These are cars or trucks with a gross weight of more than 6,000 lbs and are used exclusively for business purposes.
Listed Property: This is property used for business purposes. In this case, you don’t have to use it entirely for business purposes, but you can only deduct the portion used for business proportionate to the time used. For instance: if you have a home office and work for eight hours a day for five out of seven days a week, it means you use your home for business purposes about 23.7% percent of the time, and therefore you could write off 23.7% of your mortgage.
Capital Improvements: When you improve a building used for your business, you can write off that expense. This section also includes items like air conditioning or alarm systems.
This section applies to deductions for property depreciation. It doesn’t increase how much you can deduct overall, but it does give smaller businesses the option to act more quickly. In some cases, an asset may be usable for up to 39 years. Section 179 means that a company can declare the deduction of this asset in one year alone instead of spreading over a longer time. Let’s say, for example, that a bar buys a new $4000 television. Based on ten years of the TV’s life, straight depreciation would only allow the business to deduct a percentage of the cost every year for ten years. With Section 179, the business owner deducts the whole amount the first year.
When you set up a new business, you have a lot more going out than you do coming in, and there are a lot of assets that need to be purchased. Section 179 deductions means that new business owners can take advantage of deducting their purchases now. Smaller but established businesses can also take advantage of buying new assets to help grow their company. Buying things upfront is costly, so with Section 179 deductions, this outgoing is less burdensome. In addition, you don’t have to wait years to benefit from tax deductions when you purchase assets.
It is possible to deduct taxes for business assets that will last over one year (as determined by the IRS). These include:
Of course, more groups apply, so talk to your tax advisor for more info.
A Managed Service Provider can help you maximize your tax savings from Section 179 deductions. In addition, they will be able to guide you through the options for your hardware and software needs. Finally, they can help forecast your business’s future needs in terms of technology, including purchase, finance, or lease services for equipment. Contact us before time runs out!
Cybersecurity insurance, also referred to as cyber insurance or cyber liability insurance, is insurance that your business can buy to reduce risks to data loss. A cybersecurity insurance policy will transfer some risk to the insurance company for a fee.
While all types of insurance have been around for decades, cybersecurity insurance is relatively new. Businesses that chose to buy cybersecurity insurance were early adopters. Given how cyber risks fluctuate, cybersecurity policies must change and adapt frequently. Underwriters have access to data that helps them calculate risk and set policy rates, premiums, and coverage. For cybersecurity insurance, it’s not that simple. This hurdle is because cybersecurity insurance is new, and the data is limited.
Losing data through theft or compromise has the potential to harm an organization. It can mean customers go elsewhere and cause your business a loss in revenue. What’s more, without cybersecurity insurance, your company could be liable for any damages that stem from third-party data being stolen or compromised. Losing client data without a backup plan in place could be a disaster.
Cybersecurity insurance is essential if businesses want to protect themselves against cyber event risks, including threats linked to terrorism. In addition, coverage for cyber threats can help remediate cyber incidents quickly and could save your business.
Back in 2011, the PlayStation Network suffered a breach by hackers. This breach exposed the personal data of 77 million users. It meant that PlayStation users were unable to access the service for over three weeks. In terms of cost to Sony, there were over 171 million dollars lost due to this breach. Sony could have saved themselves some of the $171 million had they secured a cybersecurity insurance policy – but they didn’t. A subsequent court case ruled that their insurance policy only covered physical damage, which meant that Sony had to pay the costs of the losses from the cyberattack.
Many insurance providers that provide coverage like commercial property insurance or business liability insurance will also provide cybersecurity insurance. Most cybersecurity policies cover the first party (losses that impact a company directly) and third-party losses (losses by other people caused by a cybersecurity incident, depending on their relationship to the organization).
Cybersecurity insurance will help cover any losses resulting from cyber incidents and events. What’s more, it can also help with costs linked to remediation, such as paying for legal assistance, crisis communicators, investigators, customer refunds, and loss to customer accounts.
Companies who manage, store or create electronic data like contacts, sales, or credit card info will benefit from cybersecurity insurance. E-commerce companies can also benefit from cyber coverage. Besides losing money, downtime from a cyber event can potentially lose customers and sales.
In a similar vein, any company storing client information online will benefit from cybersecurity insurance and its liability coverage. But be forewarned that not every business will qualify for this type of insurance. You’ll need to prove that you are doing everything possible to secure your data. If you’re not sure if your cybersecurity is the best it can be, that’s something we can help you figure out.
Whenever a business purchases a cybersecurity insurance policy, check the policy documents carefully. Depending on the policy type, you may lack some coverage you wanted, or you might have coverage for things you weren’t aware of. Examples include paying legal fees, costs of notifying customers, meeting ransomware demands, costs of recovering data, etc. Make sure you’re happy with your coverage before you sign on the dotted line.
Since it hasn’t been around very long, policies and prices vary between providers. Therefore, businesses need to think carefully about what they would like covered in their cyber insurance policy. Depending on the industry, different organizations will need different types of coverage. If you need help figuring all of this out, you can book a complimentary Cybersecurity Business Review with us. The Review has a value of $2,500, so you’re already saving money.
Having your Managed Service Provider help you through the application process is a good idea. After all, we can help define what coverage your business will need. The bottom line is, if you don’t have it, look into getting it. Without it, you may risk making the same mistake as Sony did. If you have any questions, contact us for a cybersecurity consultation.