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Sec. 179: The Gold at the End of the Tax Deduction Rainbow

Sec. 179: The Gold at the End of the Tax Deduction Rainbow

It’s the business tax incentive pot of gold that keeps on giving. Section 179 of the IRS tax code pays your business to invest in itself. In 2021 the deduction limit is higher than ever: $1,050,000. The full purchase price of equipment bought and put in service by December 31 can be deducted under Sec. 179. Moreover, businesses can take advantage of a 100% depreciation bonus on both new and used equipment, if costs exceed $1,050,000 but are less than $2,620,000.

This generous deduction covers a broad range of equipment, including:

  • Computers, hardware peripherals, and software, including RFID systems
  • Machinery
  • Office furnishings, including file storage systems and lockers
  • Office equipment
  • Tangible personal property used in business
  • Property attached to your building that is not part of your building, such as a warehouse rack system

And there’s more good news. If you lease or finance the equipment, the full price is deductible immediately. You may stretch payments over several years, but you get the deduction in Year 1.

Take a look at this example:

Sec 179 example

Source: Section179.org

There are a few restrictions under Sec. 179. Real estate does not qualify, nor does equipment acquired by gift or from a relative. And the equipment, whether new or used, must be new to you.

Most important: The equipment must be put in service, not just purchased, by December 31.

If you have been considering an equipment purchase, now is the time to act. Vendors with a quick-ship program (like NOS) can deliver and set up new equipment in time for you to put your new purchase into use ahead of the deadline. Grab the Sec. 179 gold and enjoy the tax deduction as well as the benefits of the new equipment. 

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Government Agency Washington DC

Government Agency Washington DC

Moving Forward by Using Mobile Shelving

This government agency plays a key role in the enforcement and administration of laws.   The staff needs well organized storage for quick retrieval of information and files.  Relocating to a new space provided the chance to reevaluate their storage rooms and library while allowing for future growth.

The Challenge

The goal was to provide a smooth transition from the old building to the new building and to optimally utilize the space. The new space had three rooms designated for storage: one for filing boxes, one for items in boxes, and one for law books in a library format with research stations.   Pandemic restrictions added complexity to the process with multiple entities involved.

The Solution

The NOS team was brought in early to provide specialty storage design options so a variety of space saving solutions could be reviewed.  High density mobile shelving was selected for all three rooms.   This type of solution is advantageous over standard shelving because it doubles the storage capacity within in the same footprint by eliminating fixed aisles.   Twice as many files and binders, boxes and books could occupy the same amount of space.  In the library, NOS added end panel shelves to each carriage for a keyboard and monitor enabling staff to search the computer database and locate the law books quickly and efficiently.

Due to the pandemic, the team had to get creative with virtual meetings and site visits to quickly process changes and keep the project moving forward with a challenging timeline.  Working as a team they were able to focus on the goals of maximizing the space and completing the project on time.

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Lesson Two: The Business Fitness Plateau

Lesson Two: The Business Fitness Plateau

This is the second in a series exploring Dr. Kristen Lee’s (Northwestern University) nine lessons in personal and collective fortitude. Seen through the lens of a business operation, each lesson has application in the current health and economic challenges, and for successful endeavors in the future.

For years, fitness experts have been telling us that stressing our muscles makes them stronger. When we hit a fitness plateau, we’re told to challenge ourselves. Run a little farther, lift a little more weight, change our routine. That change is inevitably painful, but our bodies adapt. And after the discomfort, they are improved – faster, stronger, more resilient.

The same principle applies to the “fitness” of a business. A successful enterprise often falls into routine habits of doing business, just like a fitness plateau. Innovation and creativity are set aside in favor of “business as usual.”

Today’s economic challenges can seem like a too-heavy lift, unless we think of them as an opportunity for improvement. We have a chance to break out of the routine, dust off our creativity, and invent new strategies for business success. Consider some of the new ways you might do business:

  1. Make telecommuting a permanent part of your operations. Support teleworkers with electronics and remotely-accessed imaged documents. You’ll reduce the number of workers in the office and keep that ideal 6-foot separation.
  2. Re-shape your facility’s interior to accommodate social distancing.Condense your documents and supplies into a high-density storage system that reduces storage space and provides more area for personal space.
  3. Establish additional services or products to bolt on to your current ones. For example, add delivery to manufacturing, as many restaurants have. Or add installation to design, as some interior-fixtures companies are planning.

This period in our history may feel like an enforced “time-out.” But like switching up our fitness routines, today we have an opportunity to apply our innovative instincts, do something different, make a change, and grow stronger. Break out your business imagination!

 

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3 Ways You Could Be Missing Out on RFID’s Benefits

3 Ways You Could Be Missing Out on RFID’s Benefits

The benefits of digital asset management (DAM), including RFID, are a hot topic these days. RFID applications are available for any sort of business. But owners and managers of organizations in the service sectors, from finance and law to healthcare and education, may think RFID is just an inventory tool for the retail and logistics sectors.

If you think your enterprise couldn’t benefit from RFID, think again.

  1. Asset Tracking – Ever notice how there are never enough chairs in the conference room? Furniture, laptops, and other work tools have a way of wandering from their assigned locations. RFID tags keep tabs on the location of these peripatetic items, as well as providing information on their age and condition. Office and facility managers can easily identify aging furnishings that need repairs or replacement, and pinpoint the location of every physical asset. Plus when inventory time comes, the RFID system can deliver a document listing the assigned value of each item currently in the facility, making financial reporting quicker and simpler. What is does it cost your business to update capital inventory records by hand?
  2. Personnel Tracking – In busy public settings like hospitals or schools, knowing the location of key personnel can save time, or even save a life. RFID-enabled personnel badges keep track of people’s movements and current whereabouts so no time is wasted when someone is urgently needed. RFID personnel badges work with an institution’s security system to manage access to restricted areas and maintain safety. And in emergency situations, an RFID system can tell first responders who is inside and where they are. What is the dollar value of RFID-managed security and safety?
  3. Document Tracking – We always advocate converting paper documents to digital documents via a well-planned imaging program; imaged documents are secure, shareable with teams, and save the real estate costs of large file rooms. But in many offices there are documents that need to be retained as paper even if they have been imaged. Paper files are easy to lose or misplace (one of the advantages of imaging), but with the addition of small, inconspicuous RFID tags, the location of a file can be tracked throughout an office. Doorway RFID readers monitor the movement of files from one room to another, and files can be located with a quick look at the tracking record. PricewaterhouseCoopers estimates an average of 25 extra hours to recreate a lost document; how much would that cost your business?

Keep in mind that RFID, unlike bar codes, doesn’t require direct sight lines to record and track business assets carrying RFID tags. Once items or personnel are assigned their unique RFID tag, doorway readers track their movements automatically as they pass from one room to another. And inventory updates can be as simple as walking into a room and pressing a button on an RFID reader. You’ll instantly collect data on all the capital assets the room contains; no need to look through cabinets and underneath furniture to read bar code IDs. RFID is a timesaver, and like its other benefits, that translates into money.

RFID systems come in many shapes and sizes, and can be scaled up or down to suit your organization’s needs. When you start adding up the costs of lost documents, lost equipment, and lost time, it’s clear that you shouldn’t miss out on the benefits of RFID.

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3 Steps to Prepping for Next Year

3 Steps to Prepping for Next Year

It’s time to wrap up this year’s business activities, and often it can seem like a mountain of paper has collected while you were tending to your organization’s core mission. To get a fresh start in the new year, you’ll have to deal with all those documents. Conquer the paper mountain by sorting documents into three categories: Scan, File, or Shred.

Scan It – Transform your paper documents into digital assets through a well-designed imaging program. Much more than a simple PDF document, imaged documents offer the advantages of secure information access, speedy information searches, and extraordinary space savings. The National Association of Productivity & Organizing estimates that a four-drawer file cabinet holds 18,000 documents. A single desktop hard drive can store the contents of 100 file cabinets. What could you do with all that extra office space?

File It – Certain original documents simply have to be retained in paper form. However, they don’t have to take up an excess of storage space. Offices can reduce their document storage footprint by 50% with a high-density shelving system that eliminates all but one of the center aisles between file cabinets. Add security features like biometric locks, and your one-of-a-kind documents won’t fall into the wrong hands.

Shred It – Is a document outdated? Or if it’s still relevant, has it been imaged? Or do you have multiple redundant copies of a document? If you answer “Yes” to any of these questions, you may not need to hold on to the original documents any longer. Shredding unneeded documents, like imaging, reduces your physical storage footprint. Take care, however, that your documents are shredded securely, so intellectual property, private information, and trade secrets aren’t exposed.

SmallBusinessTrends.com offers a number of ideas for office organization, including document management tips. Make your New Year’s resolution now to talk to a document management consultant in January, and next year you’ll avoid the end-of-year paper mountain. And if you’ve already implemented a well-organized document management system, you can enjoy the holidays without paper anxiety

 

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Troubled by Porch Pirates?

Troubled by Porch Pirates?

Those bold, shameless porch pirates are out in force, appropriating delivered goods and selling them for whatever they can get. But there could be a different kind of “porch pirate” targeting your business – data thieves who trade in the business of stolen information.

Whether it’s package theft or data theft, it affects your bottom line. In cases of HIPAA violations, identity theft, or other unauthorized information releases, you can face costly fines and lawsuits. And your profits take a hit when you have to replace shipments that the customer never received.

When clients don’t trust your security, they take their business elsewhere. Fortunately, there are some smart storage technologies that boost security and reduce your liability.

  1. Imaging – Paper is often called an “ephemeral medium.” It’s easy to lose, easy to damage or destroy, and easy to steal. Document imaging shields your business from the liability of missing documents and information theft. The electronic versions of your documents are accessible only to authorized users. With the originals shredded or in secure archives, your imaged documents are safe in their virtual file cabinet. Those who shouldn’t touch your documents will not be able to lay their hands on them, quite literally.
  2. Smart lockers – Amazon was one of the earliest adopters of smart-locker technology. A customer’s package is delivered to a numbered locker with an electronic lock automatically set to a one-time combination. The combination is emailed or texted to the customer, who can then retrieve the package at a convenient time. Smart lockers are now cropping up in apartment complexes, in college campuses, and in business settings, eliminating highly insecure door delivery. It’s a win for the package recipients and a win for the business or the property management.
  3. Secure high-density storageHigh-density storage systems are known for their space-saving attributes, reducing storage footprints by as much as 50%. Sliding on floor-mounted rails, these systems eliminate all but one aisle between shelving units. Their electronic locks eliminate something else: unauthorized access to sensitive material such as patient health records, legal documents, or intellectual property. Locks can be programmed to track access based on security codes. Biometric locks add an even greater level of security.

People are wising up to the ways smart technology can defeat porch pirates around their homes. Talk to a storage consultant who can help you assemble the right security solutions to keep the porch pirates and data thieves out of your business.

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