We make every effort to provide our patients with optimal health outcomes. But our efforts come at a cost, don’t they?
Running a chiropractic practice is a business. The more effectively and efficiently a practice is run, the easier it becomes to serve our patients and make their lives better.
Hence, it is essential for every chiropractic practice, that makes a hard-earned investment into chiropractic tools, to know about the Section 179 tax deduction.
So, What is the 179 Deduction?
Small and mid-sized chiropractic practices can make the most of tax deductions that allow them to flourish and thrive. Cashing in on these incentives is crucial if you are, and you must, planning to expand your practice by increasing your offerings and services.
The Section 179 tax deduction is one of the most effective tax deductions for chiropractic practices. It was actually created keeping businesses in mind. Despite this, only a fraction of chiropractors actually use or are even aware of this deduction.
This tax code entitles businesses “to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year.”
If you’re not quite sure what to make of that, you’ll want to read on.
Why the 179 Deduction Matters
Consider the Section 179 tax deduction, as a stimulus from the IRS to grow your practice and consequently, make a difference to the larger economy. Also, it’s a way to save a sizable chunk of money on chiropractic practice equipment. Not Bad eh?
Essentially, this deduction permits you to knock off the entire purchase price of certain equipment from your gross income!
The list of applicable equipment is available HERE.
I strongly advise checking out for yourself and even consulting with a tax expert to make an informed decision on how this deduction can benefit your chiropractic practice.
If you found this information useful, why don’t you register for a complimentary consultation call with me and discuss taking the right kind of action to improve your practice?