The end of the year is almost upon us, and spending might be on your mind – whether it’s for the upcoming holidays or for your practice. As a small business owner spending money for tax deductions purposes might be on your mind 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 $1,050,000. That means you could qualify for a tax deduction off the full purchase price of Edge Cloud, if purchased and installed in 2021. 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. Note that if you plan to have equipment shipped, it must arrive to your office before the end of the year to qualify; so order early!
Section179.org explains why you might consider making a purchase with this tax deduction in mind, “Successful businesses take advantage of legal tax incentives to help lower their operating costs. The Section 179 Deduction is a tax incentive that is easy to use, and gives businesses an incentive to invest in themselves by adding capital equipment – equipment that they use to improve their operations and further increase revenue. In short, taking advantage of the Section 179 Deduction will help your business add equipment, vehicles, and software, while allowing you to keep more of your tax dollars.”
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 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.