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.
- 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.section 179 tax savings