News | November 09, 2006

Acquisition of Medical Equipment Before Year End Results in Tax Break

With this year's $108,000 Section 179 limit, medical purchases completed before Dec. 31, 2006 can count as eligible equipment acquisitions in this fiscal year.
In order to stimulate economic growth, the Internal Revenue Service Section 179 states: "You may elect to expense part or all of the cost of Section 179 property that you placed in service during the tax year and used predominately (more than 50 percent) in your trade or business."
Before 2003, Section 179 deductions for each piece of equipment were limited to $25,000. With the Jobs and Growth Act of 2003, the Section 179 small-business expensing limits increased to $100,000. For this year, the amount is up to $108,000, but the items must be in use by year-end. The expensing-limit increase will expire and return to its previous level of $25,000 after 2007 if there is no additional action by Congress.
Eligible business purchases include:
Medical equipment of all types, electronics and other (i.e. IPL, lasers, computers)
Software
Furnishings (i.e. treatment tables, chairs, cabinets)
Ineligible purchases include:
Real estate & Investment property
Property of all types held in trust or estates (including equipment, machinery, etc.)
Detailed information on Section 179 deductions can be found on the IRS Web site with "Publication 946, How To Depreciate Property

Related Content

AI Visualize Inc. Debuts Artificial Intelligence Cloud Image Visualization Platform at RSNA 2017
Technology | Remote Viewing Systems | December 13, 2017
AI Visualize Inc. debuted its new cloud-based artificial intelligence (A.I.) -based image analysis and viewing platform...
Ambra Health Rolls Out New Features for Medical Image Exchange Platform
News | Vendor Neutral Archive (VNA) | November 20, 2017
Ambra Health announced that Atrius Health and Envision Radiology are among the latest leading providers to adopt Ambra...
Intelerad Unveils Imaging Infrastructure-as-a-Service Platform
Technology | PACS Accessories | November 07, 2017
November 7, 2017 — Intelerad Medical Systems recently announced the expansion of its cloud-based solution suite.
News | Enterprise Imaging | November 03, 2017
November 3, 2017 — Mach7 Technologies invites attendees at the 2017 Radiological Society of North America (RSNA) annu
Frost & Sullivan Research Highlights Benefits of Intelerad's CosmosOne
News | Vendor Neutral Archive (VNA) | October 23, 2017
October 23, 2017 — Intelerad Medical Systems has been highlighted for its innovative approach to...
Fujifilm Launches Synapse VNA Version 6.4 With Additional DICOM Web Support
Technology | Archive Cloud Storage | September 08, 2017
September 8, 2017 — Fujifilm Medical Systems U.S.A. Inc.
Fujifilm Brings Synapse Enterprise Imaging Solutions to Seven Healthcare Systems
News | Enterprise Imaging | August 31, 2017
Fujifilm Medical Systems U.S.A. Inc. was recently designated the enterprise imaging partner of choice for several...
Rayence Launches New Cloud PACS Product Across South Carolina IDN
News | PACS | August 28, 2017
August 28, 2017 — Rayence Inc.
Technology | Archive Cloud Storage | May 26, 2017
Intelerad Medical Systems launched CosmosOne, a living medical archive that centralizes all types of patient health...
Overlay Init