A community of 30,000 US Transcriptionist serving Medical Transcription Industry
Ran across this on Internet. Interesting.
Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying Software/Equipment purchased or leased during the tax year. That means that, if you buy (or lease) a piece of qualifying equipment, you can deduct the FULL PURCHASE PRICE from your gross income.
Cost of the Equipment/Software: $150,000
Section 179 Depreciation Write Off: <$150,000>
Tax Rate Assumption: 35%
Tax Savings on Your Equipment: $ 52,500 ($150,000 times 35%)
Net Cost of Equipment After Write- Off: $ 97,500
Source: www.section179.org