Thursday, December 3, 2009

Tax Credit for Electronic Health Records

I know I stress on this a bunch, but Electronic Health Records are not going away. You have one month to get up an running on an E.H.R. and be qualified for a tax credit for 2009. As we get ready to do our taxes, you always look for things you can deduct, right? Well, E.H.R. along with medical equipment, are great opportunities for deduction!

I am not a tax professional, so I will insist that you go talk with yours, but here are some key points to know if you will qualify for the tax credit.

Taxpayers may purchase up to $800,000 of qualifying equipment each tax year before the write-off is reduced dollar for dollar. Property
included in the 179 deduction:

• Tangible property depreciated under MACRS with a recovery period of 20 years or less
• Computer software (depreciated under Section 167(f )(1))
• Qualified leasehold improvement property (defined in Section 168(k)(3))
The equipment should be acquired by purchase for use in active conduct of a trade or business

For additional tax resources and complete tax rules, please visit the following web sites: