If you are looking into buying an ultrasound for your business, this might be the right time to do it. The Section 179 tax deduction of the IRS tax code provides benefits for both small and large businesses when purchasing qualified medical equipment such as an ultrasound system. When filling your next tax return, it is strongly encouraged to take advantage of this section, so start saving your receipts!
Section 179 “allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the full purchase price from your gross income.” This means that by purchasing an ultrasound system from Advanced Ultrasound Systems, you can deduct the total price out of your gross business income.
Who Qualifies for the Section 179 Tax Reduction?
All businesses that purchase, finance, or lease used or new equipment totaling less than $3,630,000 qualify for the Section 179 tax reduction. Within the current tax year, a business can write off up to $1,040,000. The deduction begins on a dollar-by-dollar basis after $2,590,000.
What Are the Requirements to Claim Section 179 Tax Deduction?
Any equipment or software claimed as a tax reduction under Section 179 must be used for business purposes more than 50 percent of the time. This government incentive encourages businesses to invest in themselves with modern technologies. By doing so, the economy, patient care, and care coordination are improved in the country. Thus, encouraging more individuals to become healthcare consumers.
How Do You Ensure You Get the Section 179 Tax Deduction?
The Section 179 tax deduction is not automatically applied to a tax return. To elect to take a deduction, you must complete part 1, form 4562 from the IRS, and attach it to your tax return. With the purchase of a new ultrasound system, a business can decide if they want to claim a full deduction for the equipment or not. The deduction is taken on an item-by-item basis, so a form needs to be filled for each new or used equipment purchased, financed, or leased.
By purchasing Advanced Ultrasound Systems equipment, you could qualify to claim a total tax reduction. As a multi-vendor provider, we carry the most popular systems, including Philips, GE, and Siemens, as well as discontinued parts that may not be available anywhere else. Our company offers great deals on ultrasound systems and parts that you may need for your medical practice.