Maximizing Your 2024 Tax Savings with Section 179: A Smart Investment in AVANTA Medical Devices
As we approach the end of the year, it’s essential to consider how your business investments can help you maximize tax savings. One of the best ways to reduce your tax burden is through the Section 179 tax deduction.
This provision allows businesses to deduct the full purchase price of qualifying equipment and software, which is a powerful way to boost your business while saving big.
If you’re in the aesthetics or medical industry, this is the perfect time to consider investing in AVANTA Medical’s top-tier devices.
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Understanding Section 179 for 2024
The IRS has set the maximum deduction for Section 179 at $1,220,000 for tax years beginning in 2024. This means that if your business purchases qualifying equipment during the year, you can deduct the full cost, up to this limit, from your taxable income.
In addition, the total amount of equipment purchased cannot exceed $4,880,000. These limits are significant, especially for medical professionals and clinics looking to expand their capabilities with cutting-edge technology.
For more details on the official IRS guidelines for 2024, you can refer to the official publication here.
Understanding how Section 179 works can make a significant difference for your business, especially when investing in high-value equipment like advanced medical devices.
To help you navigate these benefits and maximize your savings, this video breaks down everything you need to know about the Section 179 Deduction.
Watch the video below to learn how this tax incentive can help your clinic grow while keeping more money in your pocket.
Why AVANTA Medical Devices Are a Smart Investment
AVANTA Medical offers a range of high-quality devices that qualify for Section 179 deductions.
By investing in these devices before the end of the year, you can fully deduct the cost and immediately benefit from the savings.
Here are a few devices that can enhance your practice and help you take advantage of this tax break:
- NuVissa Plasma Pen: Revolutionize non-invasive skin treatments with this cutting-edge device.
- CO2Pro® Fractional Laser: A powerful tool for optimizing results in scar revision, skin resurfacing, and feminine rejuvenation.
- TrioPro® Laser Hair Removal: Ideal for clinics offering laser hair removal with precise, fast, and efficient treatments.
- LightPro™ IPL: A versatile IPL machine perfect for treating a range of skin conditions.
- PicoPro Tattoo Removal: Designed for fast and effective tattoo removal, providing unmatched precision.
Does My Laser Qualify for Section 179?
A common question from business owners is whether specific medical devices, like lasers, qualify for the Section 179 tax deduction.
The answer is a resounding yes—if your laser or other equipment is used for business purposes and meets the criteria set by the IRS, it qualifies for the deduction.
Here are a few key factors to keep in mind:
- Use for Business: The device must be used more than 50% of the time for business purposes. If you’re purchasing a CO2Pro laser for your clinic, it easily fits within this guideline.
- Purchased and Put into Use in 2024: To claim the deduction for the 2024 tax year, the laser must be purchased and put into use by December 31, 2024.
- New or Used: Section 179 allows for the deduction of both new and used equipment, so even if you’re buying pre-owned equipment, it can still qualify.
How the CO2Pro Fits into Section 179
Let’s look at the numbers with AVANTA Medical’s CO2Pro laser, which is priced at $69,900.
Under Section 179, you can deduct the full purchase price from your taxable income. Assuming your business is in the 35% tax bracket, here’s what you could save:
- CO2Pro Purchase Price: $69,900
- Potential Tax Savings (35% bracket): $24,465
That’s a significant reduction in your tax liability, just for upgrading your clinic with a premium device!
How Much Can You Save?
Let’s break it down with another example:
If you purchase multiple AVANTA Medical devices totaling $150,000, under Section 179, you can deduct the entire amount from your taxable income.
If your business is in the 35% tax bracket, you could potentially save $52,500 in taxes!
Multiply these savings by investing in additional devices, and you’ll see how Section 179 can drastically reduce your tax burden.
Deadline Alert: Why You Need to Act Now
To take advantage of the Section 179 deduction for 2024, your business needs to purchase and begin using the equipment by December 31, 2024.
The sooner you invest, the sooner you can start using these advanced devices to grow your business while reaping the benefits of reduced taxes.
Boost Your Practice with AVANTA Medical
Incorporating AVANTA Medical’s advanced devices not only improves your treatment offerings but also positions your clinic to save significantly on taxes.
With no discounts or promotions currently offered by AVANTA, taking advantage of Section 179 is one of the most cost-effective ways to expand your practice without breaking the bank.
This tax season, be strategic about your purchases and make an investment that will grow your business and minimize your tax liability.
For more information on how AVANTA Medical’s devices can fit into your practice and help you take advantage of Section 179, get in touch with us today!
FAQ: Maximizing Your 2024 Tax Savings with Section 179 and AVANTA Medical Devices
What is Section 179?
Section 179 is a tax deduction that allows businesses to deduct the full purchase price of qualifying equipment or software from their taxable income, up to $1,220,000 in 2024. This deduction incentivizes businesses to invest in new or used equipment to grow their operations.
What are the Section 179 limits for 2024?
Maximum Deduction: $1,220,000
Spending Cap on Equipment Purchases: $4,880,000 These limits apply to equipment purchased and put into use during the 2024 tax year.
Do AVANTA Medical devices qualify for Section 179?
Yes, AVANTA Medical devices qualify for the Section 179 deduction as long as they are used for business purposes and meet IRS requirements. Examples of eligible devices include:
NuVissa Plasma Pen
CO2Pro Fractional Laser
TrioPro Laser Hair Removal
LightPro IPL
PicoPro Tattoo Removal
Can I deduct the full cost of used equipment under Section 179?
Yes, both new and used equipment qualify for the Section 179 deduction as long as the equipment is purchased and put into use by December 31, 2024.
What if I purchase equipment but don’t use it in 2024?
To claim the deduction for the 2024 tax year, the equipment must be purchased and put into use by December 31, 2024. Equipment purchased but not used in 2024 does not qualify for this year’s deduction.
