Trump Tax Plan Aids Your Bottom Line
Key Section 179 Benefits Doubled for 2018
Savvy medical practices will profit from the new tax rules in 2018. The Section 179 deduction limit has increased to $1,000,000 (from $500,000) and is good on new and used equipment. In addition, the spending cap on equipment purchases has increased to $2.5 million. This is the maximum amount that can be spent on equipment before the Section 179 Deduction available to your company begins to be reduced on a dollar for dollar basis. This spending cap makes Section 179 a true "small business tax incentive."
And finally, the bonus depreciation is now 100% and is made retroactive to 9/27/2017. The bonus depreciation also now includes used equipment.
That means that if you buy (or lease) qualifying equipment, you can deduct the FULL PURCHASE PRICE from your gross income. It's an incentive created by the U.S. government to encourage businesses to buy equipment and invest in themselves. This can make a real difference to your bottom line at the end of the year.
Make your office more efficient by purchasing exam tables, EKG machines, spirometers, vital signs monitors and any other medical equipment that you may need.
Section 179 can provide you with significant tax relief for the 2018 tax year, but equipment and software must be financed and in place by midnight December 31, 2018. Get the equipment you need now and save on 2018 taxes.
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