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Section 179 Promotion
What is section 179?
Section 179 of the IRS tax code (https://www.section179.org/) is a tax deduction that allows business owners to reduce their taxable income. This allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. The amount that can be deducted has been raised to up to $1,000,000 in 2018.
Buying or leasing equipment for your office may qualify as a purchase that you can deduct. Often the full purchase price can be deducted from your gross income. This special election allows for accelerated depreciation of assets.
Key points:
- Equipment and some software are both eligible
- 100% deduction up to $1,000,000 for 2018
- Total equipment purchase limit of $2,500,000
The U.S. government created Section 179 to encourage businesses to spend money on equipment and software and is ideal for small and medium businesses looking for a tax advantage in 2018. Keep more money in your pocket with section 179.
Of course, be sure to check with your tax advisor as each clinic’s situation is different.
Find a Provider section 179 tax savings