Fight Inflation With Section 179
INVEST IN YOUR PRACTICE
Maximize your annual Business Equipment Purchases by taking advantage of IRS Section 179.
Businesses can deduct (up to $1.08M) from the full purchase price of qualifying equipment including, but not limited to, CT scanners like the MiniCAT—purchased or financed during the tax year—from their gross income. This incentive encourages businesses to invest in themselves.
In order to qualify for the current tax year, finance or purchase equipment and put it into service by December 31, of this year.
Find Out How Much You Can Save With Our Calculator!
Take advantage of these huge tax savings opportunities for your clinic. Contact your Xoran representative to find out how much you can save with our calculator. We will talk you through your options. Call us at (800) 70-XORAN or send a note to info@xorantech.com to place your Xoran Systems order today.
Get the Most Out of Bonus Depreciation
The Tax Cuts and Jobs Act (TCJA) expanded the Bonus Depreciation deduction to 100% in the year qualified property is placed in service through 2022. Like Section 179, businesses can take advantage of the deduction by purchasing property with a useful life of 20 years or less. That includes CT systems like the MiniCAT. Both new and used property can qualify. Special rules apply to property with longer recovery periods.
This significant boost in the potential value of bonus depreciation for taxpayers is only for a limited duration. The amount of first-year depreciation available will begin to drop from 100% after 2022, and businesses should plan accordingly.
DEDUCT UP TO $1M
A deduction of up to $1,050,000 million from gross income is good on new and used equipment for the current tax year.
QUALIFICATION REQUIREMENTS
To take the deduction for the current tax year, the equipment must be financed or purchased and put into service between January 1 and the end of the day on December 31
CAP $2,620,000
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.
SB TAX INCENTIVE
This spending cap makes Section 179 a true “small business tax incentive” (because larger businesses that spend more than $3,630,000 on equipment won’t get the deduction.
WHAT DOES THIS MEAN?
Essentially, Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year.
WHAT APPLIES TO ME?
That means that if you buy (or lease) a piece of 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
According to IRS Tax Section 179, businesses can deduct up to $1.08M of qualifying equipment including, but not limited to, CT devices like the MiniCAT. In order to qualify for the current tax year, finance or purchase equipment and put it into service by December 31, 2022. Consult with your independent CPA for further details on how this incentive applies to your practice.
