Adding or upgrading equipment for your business or practice is necessary, but often expensive, investment. However, there are ways to make these large-scale purchases fit your budget and even generate significant ROI.
As we enter the new year, one way to save money for your chiropractic practice, medical center, or physical therapy practice is through the business equipment tax advantage of the section 179 deduction. This tax code allows businesses to deduct qualifying business equipment, equating to significant savings come tax time.
These savings can also be coupled with offers like our 90-Day Vacation: a year-end financing special that makes owning an AllCore360° machine more affordable than ever. Here’s what you need to know.
What is the Section 179 Deduction?
Section 179 is a tax deduction designed to benefit small-to-medium-size businesses. The IRS tax code states that businesses are allowed “to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year.” In other words, you can deduct the full purchase price of qualifying equipment from your gross income.
The deduction was created to incentivize smaller businesses to invest in themselves, drive growth, and ultimately support the economy. Some qualifying items include:
- Equipment purchased for business use
- Tangible personal property used in business
- Business vehicles with a gross vehicle weight in excess of 6,000 lbs
- Office furniture
For a complete list of qualifying property, visit section179.org. Other important things to note about the section 179 deduction are:
- The 2019 deduction limit is set at $1M
- The 2019 spending cap on equipment purchases is $2.5M
- Bonus depreciation is 100% for 2019
That means, for example, if you spent $1.15M on equipment in 2019, you could deduct $1M of that on your taxes. With the 100% bonus depreciation, you can also deduct the additional $150,000, bringing your cash savings to $402,500 (at a 35% tax rate). Altogether, that $1.15M in equipment will cost you just $747,500.
Save even more with 90-Day Vacation: Our end-of-year financing special.
As a qualified expense under section 179, AllCore360° is a great way to invest in your business or practice. The patent-pending training machine targets over 50 muscles in the body to build a stronger core, making it an ideal addition to physical therapy, athletic training, and more.
For a limited time, we’re offering financing through our 90-Day Vacation special, which in combination with the section 179 deduction, can make AllCore360° an even more affordable investment for your practice. Through this offer, you can take a “vacation” from contract finance payments for three whole months. That means you can start earning money on your equipment without having to make payments right away.
The 90-Day Vacation includes:
- Minimal payments for the first 90 days
- Full contract payments not due for 90 days from the contract commencement date
- Get a fast credit decision, usually within 24 hours
- Simple documentation process
If you’ve been considering AllCore360° for your business or practice, now’s your chance to take advantage of two incredible money-saving opportunities. Interested in scheduling a demo or looking to purchase? Contact us today to take advantage and get started with AllCore360°.