Buy equipment now to take advantage of tax break
Have you been thinking about upgrading an aging piece of equipment, but you keep putting off the big purchase? Buying a new piece of equipment might be worth another thought—you have five months to take advantage of a special IRS incentive. The Section 179 equipment expensing limit was increased from $128,000 to $250,000 for one year only. This means the cost of qualifying new or used equipment and computer software purchased and placed in service at your practice before Jan. 1, 2009, can be deducted from your business's 2008 income. In addition to the increased equipment expensing limit, new property and certain leasehold improvements are eligible for 50 percent bonus depreciation in 2008.
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