Even though many states are loosening restrictions and are starting to open back up again, the implications of the COVID-19 pandemic are far from over. This is particularly true in terms of the impact on how you’re able to do business – something that probably won’t be “going back to normal” anytime soon.
Thanks largely to issues like COVID-19 surpluses, experts are already predicting that tax laws are going to tighten in the near future. This is true in light of the fact that the federal government has already sent orders and restrictions to regular taxpayers. Some are suggesting that this may actually cut you off from the resources your plant needs to operate at a time when you really can’t afford to have that happen.
Luckily, you do still have an asset that you can depend on – and a powerful one, at that. Downtime tracking software is about to become more valuable than ever before, for several key reasons that are more than worth exploring.
Tax Laws, COVID-19, and Downtime Tracking: What You Need to Know
To speak to the subject of tax laws, one of the most important that you’ll want to pay attention to moving forward has to do with Section 179. This is a provision in the tax law made possible under the Tax Cuts and Jobs Act that allows business owners like yourself to deduct the full purchase price of qualified equipment from their organization’s gross income.
Likewise, a bonus depreciation of 100% is also available on certain business assets that meet the provision’s criteria, which you can read more about right here.
The good news is that downtime tracking software absolutely falls under that umbrella – meaning that if this isn’t something you’ve already been experimenting with across your enterprise, now would be an excellent time to start thanks to a cost of entry that is far lower than ever before.
But even going beyond that, the purchase of downtime tracking software may very well be your best opportunity to get “back on your feet” once COVID-19 has finally left us behind. At its core, downtime tracking is a viable way to figure out why you’re not working as fast as you should be. You know more than just “I was supposed to produce 500 parts in the last hour and I only produced 400.”
You don’t just know what is happening – you know WHY it’s happening. This provides you with the meaningful, real-time insight you need to actually fix the problem as quickly as possible – thus allowing you to get the most out of the resources you need to operate, regardless of how scarce they may become in the future.
If you’d like to find out more information about what tightening tax laws mean for the resources you need to operate, or if you’re just looking for additional insight into why downtime tracking software can actually help with this issue, please don’t hesitate to contact Thrive today.
Not only will we go over your options about buying out your system, but we’ll also help you write off 100% of that purchase when tax season rolls around yet again!