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|DEDUCT 100% OF YOUR MEDICAL EQUIPMENT PURCHASES|
| ||SECTION 179 – SAVE BIG ON MEDICAL EQUIPMENT PURCHASES IN 2018 W/ END OF YEAR IRS TAX DEDUCTION |
The end of the year is a stressful time for business owners. Conducting day to day operations while assessing what needs the company will face in the upcoming year can create a whirlwind of information flowing through decision makers’ minds. Luckily, the U.S. government implemented a savings promotion, Section 179 of IRS tax code, to allow businesses to buy equipment and invest in themselves year over year.
***CLICK HERE TO SEE A LIST OF QUALIFYING MEDICAL EQUIPMENT***
TAX SAVINGS WITH SECTION 179
Section 179 of the IRS tax code is an incentive available to anyone purchasing or leasing a new medical equipment before the end of the tax year. It allows businesses to deduct the full purchase price of qualifying equipment purchased or financed during the tax year. In years past, businesses typically wrote off the cost a little at a time through depreciation. Being able to write off the whole purchase has made a big difference for many companies and the overall economy as businesses use Section 179 to purchase needed equipment the same year, instead of waiting.
LIMITS OF SECTION 179
While there are many benefits to Section 179, it is important to know the limitations of the incentive. There is a $1,000,000 cap to the total amount permitted to be written off in 2018. The total amount of the equipment purchased must also fall below $2,500,000 in 2018. According to the IRS, “the Section 179 deduction begins to phase out on a dollar-for-dollar basis after $2,500,000 is spent by a given business (thus, the entire deduction goes away once $3,500,000 in purchases is reached), so this makes it a true small and medium-sized business deduction.”
QUALIFICATIONS OF SECTION 179
All businesses that purchase, finance, and/or lease new or used equipment during the tax year for official purposes qualify for the Section 179 deduction as long as they spend less than $3,500,000. In order to receive this deduction for the 2018 taxable year, all equipment must be purchased and put into use between January 1, 2018 and December 31, 2018.
WHERE TO PURCHASE QUALIFYING MEDICAL EQUIPMENT
Medical Device Depot sells and finances Section 179 qualifying medical equipment.
*Financing is handled through our partner, Ascentium Capital. Click here to fill out the financing application.