Opportunity is Knocking as we head towards the end of 2023….and it looks like this:
The IRS Section 179 for Medical Equipment & Technology offers a tax deduction as an incentive to encourage businesses to purchase equipment and invest in themselves before the end of the year.
In other words, it allows a business to write off the full purchase price of qualifying equipment and/or software bought or financed during the past tax year.
What does this mean to your practice?
The Section 179 tax deduction allows a medical or professional practice to take advantage of a tax deduction for the cost of qualifying equipment, software, and technology.
Utilizing this deduction, you can purchase up to a cap of $1,080,000 this year, which will lower your taxable income and increase your cashflow. In order to qualify for this deduction, you must purchase and place into service the equipment, technology, and/or software by December 31, 2023.
In essence, Section 179 is a one-year depreciation of any qualifying purchases, rather than a 5-year depreciable deduction.
How can I figure out the deduction for my practice?
There is a Section 179 Deduction Calculator for 2023 which is available and may very well help in your decision.
Click here to see how much you may be able to save.
How can my practice take advantage of the Section 179 Deduction?
Take stock of any equipment or software needs that you may have and were considering purchasing in the coming months. Act now and get your purchase order in to e3 Diagnostics ASAP, so the equipment or software you need can be delivered and placed in service before the end of the year.
Contact your e3 Diagnostics local office or call 800-323-4371 for help with your order. Your local e3 representative will be able to advise you on how best to take advantage of this Section 179 tax savings before it is too late.
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