Tax planning for medical practices – Learn the details of depreciation before buying equipment

Description

Abstract: In a volatile economic environment where every dollar counts, a medical practice’s leadership needs to know the distinction between traditional tax deductions and depreciation-related tax breaks. This article points out that two longstanding depreciation-related tax breaks — the Section 179 deduction and bonus depreciation — may offer an exciting tax-saving opportunity, and discusses how these tax breaks can work in a medical practice context. A sidebar explains whether the Sec. 179 deduction applies to vehicles.