Time is flying by, before we know it 2020 will be rolling in. Take advantage of Section 179 of the IRS Tax Code for your used or refurbished medical imaging equipment. This fabulous financial incentive allows you to purchase radiology equipment and deduct the purchase price. But, the equipment must be financed or purchased during the 2019 tax year.
Make plans for a profitable 2019 because this Section 179 Deduction is for you!
The deduction limit for 2019 Section 179 has been raised to a full one million dollars. This is a substantial deduction and means businesses can deduct the full cost of equipment from their 2019 taxes, up to $1,000,000. This can really make a difference to your bottom line at the end of the year.
To take advantage of these high Section 179 limits for 2019, the equipment must be purchased and put into service by midnight 12-31-2019. Use form 4562 to claim your deduction.
Both new, refurbished and used equipment qualify for the Section 179 Deduction as long as the used equipment is "new to you".
Now, before you think, “Yeah, but I can wait until next year and still get the tax break”—don’t count on it. Those folks at the IRS tend to change the Section 179 tax break standards from year to year, and usually NOT in your favor.
As William Arthur Ward said, ”Opportunities are like sunrises. If you wait too long you miss them.”
Some blogs you may have missed:
- 4 Tips on X-Ray Tubes
- CR to DR: Digital Radiographic Upgrades And Options
- The 101 On Veterinary X-Ray Equipment
- MRI Infographic: Closed Bore, Open MRI & Wide Bore
- Six Key Considerations for Radiology Equipment Selection
About the author: Vikki Harmonay