JTECH BLOG
Save On Expenses with Section 179
As we approach the end of the year, it is helpful to delve into some of the financial aspects of purchasing equipment for your practice in preparation for the upcoming tax season. Here are a few quick facts about Section 179 qualifying expenses:
Can I deduct the cost of equipment that I buy to use in my business?
Short answer: Yes, and there are two methods you can use.
The first option is to capitalize and depreciate under code section 167 using the Modified Accelerated Cost Recovery System(MACRS). JTECH’s devices are most likely five year life assets, and you can find the table published by the Internal Revenue Service (IRS), which lists the depreciation percentages each year.
The second option is to capitalize and expense the equipment under code section 179. This allows you to write off up to 100% of the equipment purchases, but includes some caveats. You can only elect this option if you have net income, and the expense will only be applied to the extent of this net income.
Who is eligible for the Section 179 deduction?
Small and medium businesses can benefit greatly by utilizing Section 179. Recent changes to federal tax code have increased the maximum deduction up to $1,000,000 on capital expenses, with a cap at $2,500.000. The biggest stipulation is that equipment and software must be financed and in service by midnight December 31 to qualify.
How Much Can I Save on My Taxes?
It depends on the amount of qualifying equipment and software that you purchase and put into use. See the handy Section 179 Calculator that's fully updated for an example of how much you can save.
What Sort of Equipment Qualifies?
Most tangible business equipment qualifies. Click here for qualifying property.
When Do I Have to Do This By?
Section 179 expires at midnight on December 31st. If you wish to deduct the full price of your equipment from your taxes and take advantage of the higher deduction limits, it must be purchased and put into service by then. Many businesses are finding Section 179 Qualified Financing to be an attractive option, especially since the expected Federal Discount Rate increases don't leave much time for action. JTECH also offers in-house express financing on purchases, which include a shorter qualification process and no credit check. To learn more or to apply for our in-house financing, contact us today.
Does the Section 179 deduction apply if I finance my equipment?
Yes. For the purposes of the deduction, it doesn’t matter whether you finance the equipment or purchase it outright. The only thing that matters is the date in which it is placed into service.
What are some of the limits for the 179 deduction?
Section 179 does come with limits - there are caps to the total deduction ($1,050,000 for 2021), and limits to the total amount spent on equipment purchases ($2,620,000 in 2021). The deduction also provides a 100% bonus first-year depreciation for any amount over $1,000,000 spent by a given business, so this makes it a true small and medium-sized business deduction. Another point to consider is that purchases for the 179 deduction cannot create a loss in the business. You should consult a tax professional for guidance about the limits of Section 179.
What do I need to do to elect Section 179 on my tax return?
To elect the Section 179 deduction, you need to fill out Part One of IRS form 4562, but your tax professional or software will guide you through the process step-by-step.
Can JTECH Customers receive a credit under the American Disability Act (ADA) for products that provide accommodations?
Based upon a liberal reading of the tax code under section 44, an aggressive approach would allow you to take this credit. The credit may not cover the entire purchase, but it may cover part. It is important that you consult your own tax professional to assist you with the determining whether your purchase qualifies and the calculation of this credit.
Are there both tax advantages and cash flow advantages to financing on-site through JTECH?
There can be both tax and cash flow advantages to financing through JTECH. When you finance, you are required to put less money down up-front, and you could still be allowed to write it off at 100% under Section 179. With the added potential credit from the ADA, you could end up with a win-win, which can result in positive cash flow for the year of purchase. It’s important to remember: the tax advantages all come for the year in which the equipment is purchased.
JTECH's in-house financing provides benefits such as low monthly payments, no credit check required, and it allows you to get started with a significantly smaller up-front investment. Utilizing the maximum potential deductions of Section 179 could result in saving thousands of dollars on your taxes, while your investment begins to make your business revenue.
For questions about how Section 179 applies to your capital equipment purchase, please contact JTECH Medical by phone, email or chat today!
More information on Section 179 can be found at http://www.section179.org/.
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Handheld Dynamometers: What You Need To Know
For many years, the world relied on manual muscle treatments to evaluate motor impairments. Various manual range of motion testing solutions have been developed to help evaluate a patient’s strength. However, manual methods have a greater potential to lead to false impairment readings and poor evaluations. Because of the different standards, techniques, and performing methods manual treatments rely on, their results are subjective. The tools replacing manual methods provide a level of accuracy far superior to their manual counterparts.
Handheld Dynamometers Vs. Manual Testing
Currently, one of the greatest tools replacing manual muscle testing devices is the handheld dynamometer. Using manual methods, a health professional may ask the patient to push against their hand and then subjectively judge whether the force they generate is normal. A handheld dynamometer, however, takes the force a patient generates and transmits it through a transducer, quantifies the force, and then presents the data in a digital format. Health professionals can use this muscle strength testing equipment to measure muscle strength efficiently and effectively across the board. Reducing variability and increasing reliability gives health professionals the best information to effectively evaluate their client.
Equipment Advancements
Although listening for heart irregularities without a stethoscope is not impossible, the proper tools make the process much easier and far more accurate. The same goes for muscle treatments and the use of range of motion testing solutions. Using manual methods cannot compare to the accuracy a handheld dynamometry provides. Many clinical studies have found that the additional consistency this computerized range of motion testing equipment provides helpful in providing patients with the most effective treatment. By being able to measure muscle strength with consistency, providers are able to track progress over time, giving a more accurate sense of improvement, particularly for treatment of chronic pain. Chronic back pain, for example, is defined as pain that persists for 12 weeks or longer. Digital muscle testing equipment allows for consistency in measurement over these weeks.
Medical professionals ultimately need one key element to effectively evaluate and treat their patient: accuracy. Handheld dynamometers provide a level of reliability, consistency, and accuracy unmatched by manual methods. Pairing impartial data with professional expertise gives patients the best chance to reach their greatest physical abilities. For more information on dynamometry and other types of digital muscle testing equipment, contact JTech Medical today.
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Understanding the Tools Used for Physical Therapy
There are many rules of the road when it comes to exercise and improving one's longevity, but with exercise may come injury, and there are many physical therapy tools that could help with the process of recovery. Physical therapists practice a range of treatments and seek to better understand the bodies of each individual while managing their discomfort; although this is the case, meeting with a physical therapist can seem daunting to many people. To better the experience and overall content of the average PT visitor, this article will discuss tools and treatments to expand on the therapeutic experience.
The Healthy Body
First off, visiting a physical therapist does not automatically mean there is an injury; instead, someone may be looking to prevent injury in the future. Before beginning a therapy session, visitors must be honest with themselves and where their body is most vulnerable. Physical therapists will sometimes use an algometer — a handy tool used to access one's pain threshold by measuring pressure — and throughout the examination phase, they'll seek to better understand their body and find solutions as to how they can benefit a patient.
After the functional assessment, exercise in moderation is used for physical assessment. PTs may also use a muscle testing machine to assess a group of a patient's muscles — this machine could also come into use to measure improvement as therapy sessions progress. Dynamometer muscle testing is also a common tool used to better measure one's muscle exertion, and both of the mentioned tools could benefit the physical therapist as well as the patient. As most understand, the examination stages are crucial in getting the best idea of what patients need out of PT treatment.
The Injured Self
With time, it's possible for the healthy body to become injured, and depending on the injury, there are many things a patient could expect when visiting a physical therapist. Because back injuries are common among the generally active population, physical therapists will often seek to improve one's back problems. There are many physical therapy tools used for back adjustment, and one treatment is to use a spinal adjustment device — an effective tool used to restore the motion of one's injured vertebra.
Whether the injury stems in the back or not, pain is chronic in many cases, and this can indefinitely hinder someone's overall wellbeing. There are many rehab tools and systems used to promote the progress of an individual, and sometimes, easing the injured body is the only means of recovery. The right testing and treatment could completely restore one's ability to exercise and enjoy life.
Planning For Success
20 minutes of physical activity a day is enough to improve the longevity and health of an individual, and in unfortunate circumstances where the human body does fall under stress, there are many ways a physical therapist could help someone back to their better selves. PTs are crucial in the recovery stages, and the right testing and treatment implementations could minimize chronic pain conditions and even restore the health of an individual completely. Success is going to begin with proper physical therapy tools, efficient treatment methods, and a caring relationship.
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Joint Pain And Range Of Motion: What You Need To Know
A surprising number of people in today's world suffer from some form of joint pain. In fact, arthritis and joint diseases affect 350 million people around the world and 43 million people in the United States. If left unaddressed, arthritis and joint pain can cause enough pain and discomfort to interfere with your daily life. Luckily, range of motion testing and certain types of rehab tools and systems can help with joint-related chronic pain conditions. These tools provide regular information during treatment, helping create an effective treatment plan for your chronic pain.
Testing Your Starting Point
In order to create a proper treatment plan, it's essential to know your starting point with your joint pain. This is especially true of joint pain or arthritis that limits overall range of motion due to physical discomfort. Range of motion testing and functional assessment tools can help your medical team determine the severity of a case of arthritis or joint pain in order to get a sense of how much improvement is possible.
Developing Solutions
Range of motion data is essential when determining the best treatment plan for chronic joint pain. This data can be used over the course of treatment to see if current treatment plans are working or if the plan needs to be adjusted. Regular range of motion testing can tell you if the physical therapy tools being used are actually effective in both reducing pain and increasing physical capabilities.
Reducing Chronic Pain
Because range of motion testing solutions are able to keep your joint pain treatment on the right path throughout the process, they're effective in helping you reduce your overall joint pain faster and more effectively. Regular assessment and testing can help alleviate arthritis and other chronic joint conditions by ensuring the physical therapy techniques being used are having the desired overall results.
Arthritis and chronic joint pain are common problems for millions worldwide, but using the right testing techniques can help alleviate pain by creating the right treatment plan. For more information on functional assessment equipment and their applications, contact JTECH Medical today.
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Could Physical Therapy Help You?
Everyone's had an accident or injury before that's left them feeling a little uncomfortable afterward, but how do you know if your injury is bad enough for you to need physical therapy? It's easy to write off an injury as a minor inconvenience that doesn't need a professional to address it, but doing so could actually cause more damage in the long run. Here are a few signs that you might want to visit a professional who can use some rehab tools and systems to address your injury.
Your Pain Gets In The Way
You might not think of your injury as all that serious, but if it's causing enough physical discomfort that it's preventing you from living your daily life, you'll want to contact a physical therapist. The various tools used by physical therapists will be able to help you correct for the discomfort and allow you to get back to life without pain.
Your Injury Doesn't Heal Correctly
If your injury is from a while ago but is still causing you pain, it could be a sign that your injury didn't heal correctly to begin with. Using all the right functional assessment equipment, a physical therapist will be able to help you figure out what went wrong during the healing process, as well as help you correct it so that you can reduce your overall pain and discomfort.
Your Pain Is Chronic
Physical therapy isn't always just for healing injuries; a variety of chronic pain conditions can be helped with the right physical therapy tools and treatments. This is especially true for chronic back pain, which is defined as pain that persists for 12 weeks or longer. Low back pain is a very pervasive problem. Close to 31 millions Americans suffer from low back pain at any given time. A physical therapist will be able to help you find the cause of your chronic pain, and can use different tools to reduce and help you manage that pain.
Physical therapy can be incredibly helpful for many patients, but that's only if the physical therapist has all the right tools for the job. For more information on physical therapy equipment and software, contact JTECH Medical today.
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