Do used Telephone Systems Qualify for Tax Benefits too?
Change happens. There comes a point a company makes the decision to upgrade its telephone system to a new one. The reasons behind are vast, including the need to retire old equipment for a more cutting-edge installation, several employees moving off-site and hence no more need for the same number of phones, office mergers happening, amid other dynamics.
In such cases (and many others), businesses find themselves having excess inventory in the form of telephone-related hardware. Now, often the case, we’ve come across a lot of businesses that genuinely don’t know what to do with the superfluous equipment because, who needs old telephone systems anyway?
Turns out there is someone who could clear the mess for you apparently.
Available Options
Businesses may have extra systems in their custody that they would wish to subject to asset disposition and not that many options are available to them. They could either sell the assets back some place at decreased value, or donate the same.
When it comes to asset liquidation of telephone systems, companies have options which could include putting the systems on the secondary market, or selling it to the new occupant of the premises in the event that the business is moving house.
If no such arrangement can be made either because no business is moving into the building, or the one moving in doesn’t need the system (among a host of other reasons), then few better ways exist when floating the assets on the secondary market than going with a reputable recovery solutions vendor who is more likely to offer better value.
As regards donation, it is first good to determine if a company’s existing phone system is worthy of donation. If, for example, the equipment was struck by lighting and no longer functions, it is not going to be of much use to most parties subject to donation. Regardless, it’s probably worth telling that a recovery solutions vendor can still accept the equipment, although you’ll need to be selective on who you go with since some vendors end up illegally piling up landfills.
Again, if your aim is to upgrade the system, or if your system needs only minor repairs, donating it to an asset recovery services firm instead of throwing it away is a good idea. One of the benefits of donating the phone systems is that donor companies get what is called an in-kind donation which they can use to earn tax deductions.
When making your donation, consider donating the phone system and all the hardware that goes with it. Most telephone systems tend to be a package deal, which implies that parts of the old system won’t work on the new one.
If you are in the process of looking for a company to donate your phone system to, consider Excess Logic. We can come pick up the equipment depending on your location from any of our multiple collection points. We will then provide you with a receipt to serve as proof that indeed you donated the equipment and are thus eligible for a tax benefit.