Doctors, and others business owners, who acquire equipment for their business: medical devices, machinery, computers, and other tangible goods, usually prefer to deduct the cost in a single tax year,…
Doctors, and others business owners, who acquire equipment for their business: medical devices, machinery, computers, and other tangible goods, usually prefer to deduct the cost in a single tax year, rather than a little at a time over a number of years. This deduction is known by its section in the tax code: a Section 179 deduction.
According to www.section179.org, “both the ‘Tax Relief Act of 2010’ as well as the ‘Jobs Act of 2010’ that passed in late 2010 affected Section 179 in a positive way for this 2012 tax year.
Following are the highlights for the 2012 tax year:
2012 Deduction Limit = $139,000: This means you are eligible to deduct $139,000 of the purchase of your equipment from your taxes.
2012 Limit on Capital Purchases = $560,000: Section 179 Threshold for total of equipment & software that can be purchased has increased to $560,000.
2012 Bonus Depreciation = 50%: The new law allows 50% “Bonus Depreciation” on qualified assets placed in service during 2012.”
There is still time left to purchase your GPSLipo or other aesthetic equipment and be eligible for the dramatic 2012 tax savings!
Visit the tax calculator to run a few scenarios. Here is a quick example of an average device purchase:
With these savings available for the current tax year, now is a very good time to learn more about available new technologies, and consider investing in your practice.
Learn more about GPSLipo: the safest, most precise procedure for removing unwanted fat, or register to attend one of our LIVE procedure observations.
Learn more about EndyMed Pro: use the power of radio frequency to reach deep levels of skin tightening and body contouring.
Contact us at Total Body Contouring to discuss creative ways to grow your practice.