Save on Your 2020 Taxes & Grow Your Practice in 2021
2020 has been a year unlike any other, and if you’re a small practice owner, you’re probably feeling the hurt—and the last thing you might want to do is add equipment to your practice. But adding equipment and services like a new therapy laser from Aspen Laser can actually help you save on your 2020 taxes and help you grow your business in the coming year.
How to Save on Your 2020 Taxes by Purchasing an Aspen Laser System Before December 31, 2020
There’s a section of the IRS tax code that is designed to help small businesses grow by giving them a break for investing in things that enable growth—for a medical and wellness practice, this includes new medical equipment like therapy lasers that allow them to offer new services and attract new patients.
Section 179 of the IRS tax code allows small businesses to deduct equipment that is purchased, leased, or financed during the tax year being filed—this means instead of waiting years to write off the depreciated value of equipment once it’s paid off, you can write off the cost in the year it was purchased.
A high-powered class IV laser therapy system from Aspen Laser is the perfect example of a capital equipment purchase to grow your business. Some, or all, of the equipment cost can be deducted from your taxes in the year that you purchase your laser.
Important Update for Tax Deductions
In 2019, the tax deduction was raised to $1 million, and this carries over into the 2020 tax year. Additionally, the bonus depreciation is 100% and is retroactive to September 27, 201 and is good through 2022. The bonus depreciation also now includes used equipment.
You can download a DRAFT of Form 4562 for 2020 to review the process before filing.
NOTE: This is a draft of the form for the 2020 tax year to help you prepare. You’ll need to use the final form, once available, when you go to file your business’s taxes.
How a Cash-Based Laser Therapy Service Helps Your Practice Grow in 2021
Every practice can benefit from additional cash income, but perhaps now more than ever, practices need the cash flow. Practices who currently bill 50% or more to a third party should seriously consider incorporating a cash-based service into their practice. Cash programs, when properly set up and managed, can reduce practice overhead and increase net income. Reimbursement for cash-based services is always 100%, and no additional staffing is required for collections.
Whether you are new to laser therapy or adding an additional laser, the Aspen Laser is an ideal cash based service. Patients are willing to pay for results. In comparison to other treatment modalities, laser therapy offers:
- Quick: Most treatments average ten minutes
- Painless: There is no pain with a laser therapy treatment
- Positive Experience: Most patients experience a “soothing warmth sensation”
- Minimal Accessories: No messy gels are required and no complex wires or harnesses are used; patients only need to wear safety glasses
- Affordable: Whether included as a bundled service or as a standalone treatment
- High Compliance: Patients are motivated to return when they experience pain relief and recovery
- Future: Patients are more likely to return when they experience new or recurring injuries or pain
- Referrals: Happy patients like to refer their family and friends
The Aspen Laser is a great addition to your practice. All lasers come with clinical training, custom marketing, and the best warranty available today.
Trade In & Trade Up
Many doctors ask about trading in their older model lasers for the newer higher power Aspen Laser models. We are more than happy to accommodate your requests.
Check out our new model, the Apex Laser Series, to see the latest advancements in laser therapy treatments.
Have any questions or want to learn more about our purchasing and financing options? Click the link below to get in touch with us, and we’re happy to answer them! Or call toll free: 877-782-7736