Tax Benefits
Now is the perfect time to finance new equipment and maximize your tax deductions.
Section 179 of the Internal Revenue Code lets a business deduct up to $500,000 for any new qualifying equipment purchases, even if it's 100% financed.
Whether you're considering new clinical equipment like tables and X-ray machines … or updating office computers and software, now may be the best time to act!
How Section 179 Could Work for You
Let's say you're expanding your practice and negotiate great prices on a new table and X-ray machine. The total cost is $25,000. Under Section 179 rules, you may be able to deduct the full equipment cost in the year you put the equipment to use. If you're in the 35% tax bracket, your tax savings could be $8,750. The amount you save in taxes could exceed the amount of loan payments made the entire first year.
| Equipment Cost: |
$25,000 |
| Section 179 Deduction |
$25,000 |
| Tax Savings (35% tax bracket) |
$8,750 |
Designed to Help Your Practice Grow
Section 179 is structured to help you grow and improve your business by enabling you to add new equipment. The tax savings it produces helps to offset payments if you choose to finance. Then, thanks to NCMIC's Absolute & True No Prepayment Penalties®, if you decide to pay off your equipment loan early, you can do so without penalty.
Longevity of Tax Benefits
Because Congress rules on budgets and taxes at different times, there is no telling how long current business deductions will remain in effect. Now may be one of the best times ever to expand or grow your practice and take advantage of possible tax savings.
To take advantage of the potential tax benefits available to you for an equipment purchase, complete this short express application today.
Because individual circumstances vary and NCMIC does not provide legal or tax advice, we always recommend you consult with your CPA or a trusted tax consultant for information relating to Section 179 deductions and eligibility on all your equipment purchases.