Are you getting the most out of Section 179 Tax Benefits?
It`s no secret that there are a lot of costs involved in running a Podiatric Medicine practice, which is why it is so important to take advantage of savings whenever possible. That is where tax code Section 179 comes into play.
What is Section 179?
Section 179 of the US tax code allows small businesses to deduct the total purchase price of eligible equipment and software purchased or financed during the tax year. This is advantageous for physicians because they will receive immediate tax relief for their equipment purchases. Section 179 allows businesses to write off up to $500,000 in equipment purchases or leases on qualified equipment.
To qualify for tax code Section 179, there are a few requirements that you must meet. Most capital equipment such as C3Tech`s printers, Saorsa`s Swift Machine, Tenvision`s Ultrasound Machine, The Remy Laser, or a PADnet Machine is deductible under Section 179. Keep in mind, the deduction is available for equipment that is used more than half the time for business purposes, and the amount of the deduction will be limited to the percent of the time the property is engaged for personal use. You can find more details on the official website of Section 179 HERE.
Purchase capital equipment for your Podiatry Practice in 2021?
If you made a qualifying purchase in 2021 and you would like to optimize your tax-saving through Section 179, it is recommended to consult with a tax professional. A qualified tax professional will guide you through the best methods of taking advantage of this benefit, avoiding an audit by the IRS.
For more information, contact us at 401-424-1827!