Using Section 179-18 on Medical Imaging Equipment

There is nothing wrong with looking for an opportunity to save money, especially regarding taxes. Furthermore, it is no secret that healthcare is expensive, regardless of what side you are sitting on. However, unless you are a hospital or healthcare facility administrator, you don’t consider how expensive medical imaging supplies are. These essential life-saving devices can make the difference between life and death and are regrettably extremely expensive. That is why learning about Section 179-18 can make or break your hospital. Keep reading to learn more about how this deduction can help your healthcare facility by allowing you to write off crucial medical imaging supplies.

For example, a used MRI machine or other piece of imaging equipment may cost under $200,000. However, the price only goes up from there. Higher-end equipment may cost as much as $3,000,000 or more. That’s a lot of money to spend on the equipment you need to do your job.

Unfortunately, there is precious little you can do about the price, but there are things you can do to make up for this financial hit. Section 179-18 deductions can make significant savings come tax season.

What is the Section 179-18 Deduction?

Simply put, Section 179-18 states that certain approved items necessary for your business, such as supplies and machinery, may be eligible for a tax deduction equal to the entire price of the item.

What Requirements Must Be Met to Claim the Deduction?

A few limitations may apply to making a claim, but only a few. The primary concern that most businesses will have regarding the implementation of Section 179-18 deduction is when they purchase the equipment. If you wish to deduct the equipment purchase you made, you must have the equipment purchased and already in use by the end of the tax season.

What Equipment Qualifies for the Section 179-18 Deduction?

Now that we have established the specifications regarding the timing of your deduction, the purchased equipment merits some discussion. Purchases ranging from equipment to office supplies necessary to support the rest of your organization can be deducted, provided it fits within the approved price range.

Pros and Cons of using Section 179-18 on Medical Imaging Equipment

Pros

Section 179-18 is a legal way to write off various equipment purchases, effectively lowering what you pay on taxes and saving you money. It helps you reclaim some of your assets while performing necessary business-related purchases and activities. It is the closest thing in the financial world to “having one’s cake and eating it too.”

Cons 

There are no true “cons” other than that your deductibles under Section 179-18 must be under a certain amount and that the equipment cannot exceed a determined price. These prices change yearly, so check these ever-changing dollar amounts if you plan on utilizing this discount.

However, just because you plan on spending or deducting more than these limits impose, it is not the end of the world. You can enact other deductions to get you the best possible tax options.

Order from Imperial Imaging Technology and Deduct!

Section 179-18  is a tool to help you do the best possible business. It allows you to acquire everything you need to do business and, in your case, to save lives. By utilizing Section 179-18, you do not need to be impeded by tax concerns to keep you from providing the most effective and beneficial services for your patient. Order from Imperial Imaging Technology today and take advantage of Section 179-18 deductions to keep providing the highest level of patient care with the best medical imaging equipment available today.