By Michelle Haupt
It’s only November, you shouldn’t be thinking about taxes yet, right? As a small business owner, taxes, and more specifically tax deductions, should be on the forefront of your mind, especially during the last months of the year.
With the Section 179 Tax Deduction, business owners can deduct the full purchase price of qualifying new and used equipment, as well as new software up to $1,040,000. That means you could qualify for a tax deduction off the full purchase price of Edge Cloud, if purchased and installed in 2020. This tax deduction also includes new computers, x-ray machines, and any other equipment your office might need. To take advantage of this deduction you must purchase the equipment or software and begin using it in the calendar year.
Section179.org explains the difference between this tax code and depreciation, “In years past, when your business bought qualifying equipment, it typically wrote it off a little at a time through depreciation. In other words, if your company spends $50,000 on a machine, it gets to write off $10,000 a year for five years (these numbers are only meant to give you an example).” With the Section 179 tax code, you can write off the entire purchase price instead of writing off a certain amount over a period of time.
Act fast, as the amount you can write off can change once the calendar year changes. In years past, this tax deduction has been as low as $25,000. Be sure to talk with your tax advisor to ensure you are taking advantage of this tax code.
Then, be sure to speak with an Ortho2 Regional Manager at 800.678.4644 or firstname.lastname@example.org, to see what Edge Cloud can do for your practice. Edge Cloud and all the modules that can be added on to it qualify for this tax deduction. View the Edge Cloud Demo to learn more.