Taking Full Advantage of Section 179 Tax Deduction - Pharmacy Podcast Episode 476


Full Transcript

July 30, 2021

RxSafe sponsors this episode of the Pharmacy Podcast to help educate pharmacy owners, directors, and pharmacy business stakeholders about the benefits of Section 179 Tax Deduction. 

Medication Adherence and Beneficial Outcomes

2017 Deduction Limit = $500,000 This deduction is good on new and used equipment, as well as off-the-shelf software. To take the deduction for the tax year 2017, the equipment must be financed/purchased and put into service between January 1, 2017, and the end of the day on December 31, 2017.

2017 Spending Cap on equipment purchases = $2,000,000 This is the maximum amount that can be spent on equipment before the Section 179 Deduction available to your company begins to be reduced on a dollar for dollar basis. This spending cap makes Section 179 a true "small business tax incentive" (because larger businesses that spend more than $2.5 million on equipment won't get the deduction.)
Bonus Depreciation: 50% for 2017 Bonus Depreciation is generally taken after the Section 179 Spending Cap is reached. Please Note> Bonus Depreciation is available for new equipment only; used equipment qualifies for Section 179 Deduction, but does not qualify for Bonus Depreciation


“Section 179 can be used as a means of reducing your income by accelerating depreciation benefits. In essence, you'll get the benefit of tax savings and subsequently, it should have a positive impact on your future quarterly estimates for the next fiscal year." 



About our Special Guests

Trey Crawford of Diket’s Professional Drugs

1107 Jefferson Street, Laurel, MS 39442

Phone: 601-425-2527 


221 Tunxis Road, West Hartford, CT 06107


website: www.advantage-financial.com

Phone: 860-233-7465