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Industry News for NCMIC Insurance Company

14001 University Ave
Clive, Iowa 50325
800-769-2000 ext. 3569

http://www.ncmic.com

A D.C.'s Surprising Ally? The IRS

By Rachel Spyksma

As someone who works with D.C.s who are financing equipment for their practices, I see how they benefit from Section 179 of the IRS tax code.

Section 179 was created to stimulate the economy by promoting the use of new technology. So the law allows for accelerated business deductions for the purchase of equipment. D.C.s can use these deductionsÑnow up to $108,000Ñto offset practice income.

Deductions can be taken on purchases of qualified equipment and can immediately be expensed, regardless of the equipment's depreciation schedule.

In addition to the high dollar amount allowed for equipment deductions, another advantage is that Section 179 requirements are easy to qualify for. For an existing chiropractic office, any new equipment can qualify for the Section 179 deductions as long as it's installed and being used by the practice's tax year-end.

One of the biggest perks is that the Section 179 deduction is fully allowed even if the equipment is 100 percent financed.

Here's How it Works

Let's say you buy a $35,000.00 piece of equipment. Under Section 179, you can deduct the entire $35,000.00 price from your 2006 taxes. The result? $10,500.00 trimmed off your taxes if you're in the 30% tax bracket. And, at the same time, you dramatically boost your practice's cash flow.

Equipment cost: $35,000.00
Section 179 deduction: $35,000.00
  _________
Tax savings:
(Marginal 30% tax bracket)
$10,500.00
Monthly payments for equipment purchased in November 2006
(Two monthly paymentsÑNov. & Dec.)
$1,508.14
  _________
ADDITIONAL CASH FLOW -- $8,991.86

Before year-end is the ideal time to get the equipment you need now or in the coming year. Of course, you can wait until 2007 to purchase equipment, and Section 179 still applies, but you'll have to wait another year to realize the tax savings. If you act now, you'll get the full benefit.

NCMIC is a leader in equipment financing and is committed to helping D.C.s like you with financing equipment for your practice. NCMIC's experts will thoroughly examine any lease/loan agreement you're considering for hidden pre-payment penalties, terms and fees and suggest alternatives.

We're confident we can offer you speed, service and cost savings beyond what's available elsewhere within the industry.

Call our Lease/Loan Comparison Hotline today
1-800-769-2000, ext. 5716

Rachel Spyksma is a business manager with NCMIC with more than 12 years of experience in lending and financial services.

NCMIC provides malpractice protection for more than 50 percent of the chiropractic profession and offers an array of diversified insurance and financial services. NCMIC does not provide legal advice. Check with your attorney or financial advisor for specific legal, accounting and financial advice.

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