ADA Tax Credit - How it works:
Here are the basics:
The section 44 (ADA Tax Credit) is available to eligible small businesses who can receive a credit of 50%, up to $5,000, of eligible access expenditures. Your purchase must exceed $250, but no more than $10,250. Use tax form 8826 to claim your credit.
EXAMPLE:
You purchase a DynaROM system that costs $10,250. Subtract $250 (because the eligible tax expenditure must exceed $250). = $10,000. 50% of $10,000 = $5,000. Your Tax Credit for a Full MyoVision system at $10,250 is $5,000.
In addition, you can continue to deduct any interest paid on the loan per year.
*Contact your tax advisor for more details as situations may vary*
The section 44 (ADA Tax Credit) is available to eligible small businesses who can receive a credit of 50%, up to $5,000, of eligible access expenditures. Your purchase must exceed $250, but no more than $10,250. Use tax form 8826 to claim your credit.
EXAMPLE:
You purchase a DynaROM system that costs $10,250. Subtract $250 (because the eligible tax expenditure must exceed $250). = $10,000. 50% of $10,000 = $5,000. Your Tax Credit for a Full MyoVision system at $10,250 is $5,000.
In addition, you can continue to deduct any interest paid on the loan per year.
*Contact your tax advisor for more details as situations may vary*
Click the button below for more details on the ADA Tax Credit:
What is the ada tax Credit?
The ADA - or American with Disabilites Act - is a credit that can be applied to a business tax return due to expenditures incurred toward making a facilty accessibe for disabled persons.
How does myovision qualify?
The MyoVision systems is primarily a visual-only system, thereby quailifing under the visually impaired.
How much of a credit will I get?
You will receive 50% of the amount of eligible access expenditures for any taxable year the exceeds $250, but no larger than $10,250. The maximum credit allowed is $5,000.
Can I still Finance the equipment?
Yes, you will still be able to write off the full amount on your taxable income, even if you haven't paid any money out yet.
Section 179 Tax Deduction - How it works:
You can deduct up to $500,000 worth of equipment purchases in a single year. It's simple; all you need to do is start using your equipment before December 31, 2016, and you could be eligible to write off your entire MyoVision purchase your 2016 taxes. Keep in mind the equipment must be in your office by Dec 31, 2016 and shipping time takes about a week.
So, for example, a customer who finances and starts to use a $10,000 piece of equipment in December of 2016 may be able to deduct $10,000 on their 2016 taxes. If they are in a 35% tax bracket, this results in a real tax savings of $3,500.
*Contact your tax advisor for more details as situations may vary*
So, for example, a customer who finances and starts to use a $10,000 piece of equipment in December of 2016 may be able to deduct $10,000 on their 2016 taxes. If they are in a 35% tax bracket, this results in a real tax savings of $3,500.
*Contact your tax advisor for more details as situations may vary*
