EQUIPMENT FINANCE: Section 179
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“What is the tax Section 179 Deduction?”
With tax code Section 179, doctors and medical practices who acquire equipment for their business may be able to deduct the whole cost in a single tax year, rather than a little bit at a time over a number of years.
The benefit of a Non-Tax/Capital Lease, cash or a bank loan is that it can take advantage of Section 179 if the equipment is put in use in this tax year. In addition, businesses may depreciate any excess amount over the annual allowed amount on their depreciation schedule for the equipment purchased this year. It doesn’t matter how businesses pay for this equipment; whether paying cash, loan, a Non-Tax/Capital Lease
How Does Section 179 Work?
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Example:
Your ultrasound system costs: $25,000
Section 179 allows you to write off that the entire $25,000 in the fiscal year purchased
Assuming you tax rate is 30%, your savings amount would be: $7,500.00
($25,000 X 30% = $7,500)
Live NET cost of your system after tax savings is only: $17,500
($25,000 – $7,500 = $17,500)
NOTE: A TRUE EQUIPMENT LEASE WITH A FAIR MARKET VALUE PURCHASE OPTION IS NOT ELIGIBLE WITH A $1.00 BUYOUT
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