It’s getting to be the time of year to think about getting your pharmacy’s finances in order for the tax year. If you have not considered it yet, section 179 may offer you an opportunity to reduce or eliminate the Federal tax liability for the year, if you’ve made or still plan to make a big pharmacy technology purchase.
As explained by the Internal Revenue Service, Section 179 of the tax code allows business taxpayers to deduct the cost of certain property as an expense when the property is first placed in service.This is instead of expensing the cost over the course of several years.
In this interview, Old Town Pharmacy Owner Shane Becker talks about section 179, including the conversations you may want to have with vendors and tax professionals, some observations based on his experiences electing to use section 179 after buying various pieces of technology, including RxSafe RapidPakRx, for his pharmacy over the years, and the impact these tax deductible equipment purchases can have on pharmacy growth.
Shane Becker’s Old Town Pharmacy operates five pharmacies in southwest Missouri, south of Springfield, and one in Jefferson city, Mo. Becker also has a few other business lines and services most of the state of Missouri with both a regular and long-term care business, as well as running a significant compounding business.