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As 2017 winds down, it is time to start thinking about ways to make your office even better in the year ahead. Sure, you can take time to work on marketing and promotions, you might look into ways to your clinic’s waiting area more comfortable, and do a myriad of other updates, but perhaps one of the best things you can do is to update, or add to, the assorted equipment that you use – especially since you can use Tax Deduction Section 179 to make it more worthwhile!
In a health facility, there are always new pieces of equipment that need to be updated, be it computers, printers, ultrasound units, or any other item that can make you more effective and efficient. But, when upgrading these items also means a considerable tax write off, then there is no reason not to make the changes.
If you are unfamiliar with tax deduction section 179, or perhaps think it sounds too complicated, you are not alone. However, while so much of the tax system can seem convoluted, this particular deduction is one that is relatively straightforward. Put simply, Section 179 states:
If your business buys certain items of equipment, you can write them off a little at a time through depreciation. Or, if you are a small business, you can often write off the entire amount (up to $500,000) on your 2017 tax return.
Of course, this does come with some exceptions and qualifications to keep in mind. For instance: Section 179 does come with limits – there are caps to the total amount written off ($510,000 for 2017), and limits to the total amount of the equipment purchased ($2,030,000 in 2017). The deduction begins to phase out dollar-for-dollar after $2,000,000 is spent by a given business, so this makes it a true small and medium-sized business deduction.
In addition, it should be noted that any business which purchases, finances, or leases less than $2,000,000 in new or used business equipment in 2017 should qualify for the Section 179 Deduction. Also noteworthy, the item itself must be used for business purposes more than 50% of the time in order to qualify as a Section 179 Deduction.
So, despite the few limitations, there many reasons to consider office upgrades for your clinic or healthcare facility. After all, by upgrading your current medical equipment for a newer model, or perhaps adding new equipment such as ultrasounds, transducers, recorders, etc. you can not only improve your level of service, but also lower what you might pay in taxes – and who doesn’t like that prospect! So, don’t start 2018 off like 2017 ends. Give one of our National Ultrasound techs a call today, to determine what medical equipment can boost your 2018 performance.