Often perceived as a complicated tax code, Section 179 deductions are more straight forward than most businesses realize.
| TULSA, Okla., Dec. 7, 2020 /PRNewswire/ -- Often perceived as a complicated tax code, Section 179 deductions are more straight forward than most businesses realize. Under Section 179 of the IRS tax code, businesses can deduct the full purchase price of any qualifying equipment or software purchased or financed during the current tax year. This means any ultrasound systems purchased through Advanced Ultrasound Systems are capable of being deducted from the business’s gross income. This incentive was created by the United States government to encourage businesses to continue to invest in themselves through modern technologies.
Section 179 deductions are more straight forward than most businesses realize. Historically, when businesses bought qualifying equipment, they would have to write the purchase off in small increments through depreciation. Most business owners, however, would prefer to write off the entire purchase for the purchase year. With Section 179, this is exactly what the business can do for qualifying equipment. When utilized properly, it provides a new way for businesses to keep up with modern technologies and ensure they are providing the best experience possible to their clients, patients or persons served. There are some key limits that businesses should keep in mind to ensure they are leveraging Section 179 properly to purchase new equipment within the 2020 tax year. First, the amount businesses can write off is capped at $1,040,000 within the current tax year. The deduction then begins to phase out on a dollar-by-dollar basis after $2,590,000, making it a great option for small to medium-sized businesses. For medical facilities or clinics that require new imaging equipment, working with the sales staff at Advanced Ultrasound Systems can help determine what can be written off under Section 179 deduction guidelines. To learn more, call Advanced Ultrasound Systems at (866) 620-2831.
SOURCE Advanced Ultrasound Electronics |
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