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IRS Section 179 Can Help
You Lower The Cost Of Your Medical Equipment! Here's How.
For as little as 4% of your medical equipment
cost, save thousands on your taxes!
First year's tax savings could exceed first year's Medical
Equipment
payments! Medical Equipment leases that include a $1.00 purchase option
qualify for the federal Section 179 deduction
and regular depreciation. Companies may also be eligible
for additional state and local tax deductions plus interest
deductions. Companies purchasing equipment now could see their
tax savings cover their first year's payments!
Under Section 179, businesses that spend less than $500,000 a
year on qualified equipment or property can write off up to
$128,000 in 2008. The rules are designed for small companies,
so the $128,000 deduction begins to phase out businesses that
purchase more than $500,000 in one year. Companies cannot write
off more than their taxable income.
CLICK HERE TO DOWNLOAD OUR IRS SECTION 179 Calculator.
Tax Code Section 179 & Election to Expense
An expense deduction is provided for taxpayers (other than
estates, trusts or certain non-corporate lessors) who elect to
treat the cost of qualifying property, called Section 179
property, as an expense rather than a capital expenditure.
Under Section 179, equipment purchases, up to the amount
approved for a given year, can be expensed (deducted from
taxable income) if installed by December 31st.
Non-Tax leases qualify for this deduction in their year of
inception. Any excess above the expensed amount can
be depreciated depending on the equipment type.
For
Our Free Report Titled - How The IRS Can Help You Buy Your Next
Piece Of Equipment - please fill out the information below.
The election, which is made on Form 4562, is for the tax year
the property was placed in service or an amended return filed
within the time prescribed by law. The total cost of property
that may be expensed for any tax year cannot exceed the
total amount of taxable income during the tax year. Section 179
property is property that you acquire by purchase for use in the
active conduct of your business. To ensure property qualifies,
reference publication 946. The 179 deduction figure is
increased for an enterprise zone, renewal community, and the
Liberty Zone.
Any tax-related information provided by National Tel-Med
Capital is not intended as and should not be construed as legal,
tax, or investment advice. You should always consult your tax
advisor to help answer specific questions regarding how tax laws
apply to you and/or your business. The tax summary we have
provided is necessarily incomplete, and the tax laws and
regulations are subject to change. Therefore, National Tel Med
Capital does not guarantee and is not liable for the accuracy or
completeness of any tax information provided, or any results or
outcome as a result of the use of this information. Please
review these resources for additional information about tax
regulations:
www.irs.gov
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