With tax season on the horizon, many medical companies are looking to make the most of their hard-earned cash while also getting the most out of any available tax breaks.
Now, despite new COVID variants, the world is choosing to push onward. Companies are reopening and are almost in full swing again, and now companies need to make equipment purchases, but budgets for new equipment may be stretched thin. A solution? Renting or financing can allow for purchasing the equipment immediately but making payments over time.
Financial offers solutions tailored to the specific needs of your organization. We work one-on-one with you to develop a plan to get you the equipment you need at a monthly price you can afford. We offer short-term rentals or finance your new equipment at competitive interest rates.
A way to make your cost *that* much lower is to talk with your tax advisor about the possibility of taking a Section 179 tax deduction.
Section 179 allows businesses to deduct the entire cost of a particular asset as an expense in the year that the property is placed in service. The Section 179 deduction applies to tangible personal property such as machinery and equipment purchased for use in a trade or business, and if the taxpayer elects, qualified real property.
The Section 179 limit for 2022 allots up to $1,080,000 in eligible equipment to be deducted, and the ‘total equipment purchased’ by a business cannot exceed $2,620,000. Once the equipment purchased exceeds that, the deduction reduces on a dollar for dollar basis. (https://www.irs.gov/publications/p946)
Want to see what kind of savings you could be leaving—give us a call here at JEM Financing 833.791.2551
*Keep in mind that you should consult your tax advisor to ensure that your business is eligible to take a Section 179 Deduction.
At JEM, we are dedicated to tailoring the perfect solution to your budget, so you can depend on us while others depend on you!