How Your Practice Can Take Advantage of Section 179 Deductions in 2020
Disclaimer: We are not tax experts and the following does not constitute legal advice. We highly recommend you consult with your tax professional before making any business decisions that could impact your tax status.
As the end of the year approaches all too quickly, it’s easy to get wrapped up in the various celebrations that take over these last few months. Your business can start to take a backseat to dinners, gifts, and general merriment.
Of course, one of the best advantages of having your own practice is being able to take time off for family events. But this is also the time of year that you need to make sure you are setting yourself up for success come tax season.
April 15th probably seems like a long way away, but as a business owner you know that it’s just around the corner and there’s a lot of work to be done before that.
What is Section 179?
For chiropractors, one of the most beneficial tax incentives is Section 179, which allows you to deduct the entire cost of eligible equipment in the year you purchase it. In the past, equipment would be deducted as it depreciated, usually spreading the cost of that piece of equipment out over 5 years. Section 179 does away with that process and lets you deduct the entire cost of any piece of equipment (up to $500,000) in the same year you purchase it, which means huge potential savings.
Further, Section 179 allows you to take a full cost deduction for your equipment whether you buy it or lease it.
Why Now is the Time to Take Advantage
The end of the year will be here before you know it. If you want to take advantage of any 2017 tax benefits, including Section 179, you need to do it before the clock runs out on 2017. Significant savings on your 2017 tax return will mean more money that you can invest back into your business in 2018 so that you can continue to grow your practice and build the life that you want.
Your HillDT purchase may make you eligible for a Section 179 deduction this year. We highly recommend you consult with your tax professional before the end of 2017 to take full advantage of this business deduction.
Make sure you’re fully prepared for your next tax consultation with our Section 179 checklist -- you'll get a list of everything to bring to your next tax consultation as well as a glimpse into how much you could save when you buy a HillDT spinal decompression table before the end of the year. Just click below to start your download.