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While the primary calling and objective of a chiropractor is to help patients live better, healthier lives, there must be a balance between the work itself and the business that is their chiropractic practice. It is a symbiotic relationship between healing and business—one informs and facilitates the other, and vice versa. There is no doubt, however, that doing both successfully is a tremendous challenge.
That is why it is important for chiropractors to be familiar with any detail that can make managing the business side of their practice easier. Taking advantage of built-in opportunities, including those in the tax code that governs small and mid-size businesses, is a perfect example of bolstering your business and improving your practice in one simple step.
Among these, one is exceptionally potent, especially for chiropractors who want to expand the number of services they can offer patients, as well as how many patients they can help in a given time. Known as the 179 Deduction, this tax deduction is essential for chiropractors considering investing in instrument adjusting tools.
The 179 Deduction
In technical terms, the 179 Deduction specifies that a small to mid-size business can deduct the entire price qualifying outright or financed purchases made during the tax year. This includes certain pieces of equipment and software, making this deduction particularly important for chiropractors interested in taking their practice to the next level with resources like visualized instrument adjusting.
In layman’s terms, this tax benefit permits you to deduct the entire purchase price of qualifying equipment and software from your gross income. You can then take a 100% depreciation. If your purchase equaled one million dollars during a single tax year, you would end up paying $650,000 thanks to the 179 Deduction. In other words, you essentially received a 35% discount on integral, practice-improving purchases.
Why Every Chiropractor Should Know About the 179 Deduction
Numerically speaking, the value of the 179 Deduction speaks for itself. Numbers do not always tell the full story, though. When considered in the context of the equipment and software it can be used to purchase at a discounted price, the significance of this deduction is even greater.
Using the 179 Deduction to invest in innovative chiropractic equipment like PulStar can revolutionize your practice and assist you in helping more patients in more ways. This is notable on a daily basis, as visualized instrument adjustment has been proven to provide faster results through shortened sessions. You will be able to offer more people healing in a given time than via manual adjustment alone. Additionally, instrument adjusting is appealing to patients that might otherwise be deterred from receiving treatment by the physical nature and loud cracking sounds associated with traditional chiropractic adjustment or who are searching for alternative treatments that manual adjustment doesn’t cover.
Chiropractic tools take the pressure off the chiropractor’s body as well, reducing stress and minimizing long-term physical wear and tear. This can translate to a longer, healthier chiropractic career. The result is more opportunities to help people, a healthier body, and an extended career. When considered with the myriad of other advantages PulStar provides, the 179 Deduction makes the investment even more compelling than it already is.
Spreading Awareness of the 179 Deduction
Despite the incredible potential of the 179 Deduction in the chiropractic field, an astounding percentage of chiropractors are unfamiliar with it. In a recent survey, only 27% of participating chiropractors had used the deduction previously. This number was dwarfed by that of chiropractors who have positively never used the deduction—38%.
Given the clear advantages of using the 179 Deduction, these percentages seem surprisingly low. That’s why PulStar is committed to raising awareness of the opportunities presented by the deduction. Whether a chiropractor chooses to invest in their practice by opting for PulStar’s industry-leading suite of products or go a different route, the important thing is that they are bettering their practices and opening doors to helping more patients in need of healing.
If you would like to learn more about the 179 Deduction, including how it can be used to equip your practice for success with PulStar, feel free to reach out to our team of passionate experts. PulStar is the premier chiropractic tool on the market, and with the 179 Deduction, you and your patients can reap the rewards for a fraction of the price.