How can I maximize my equipment purchases while minimizing the financial impact?
Answer
There are several ways to maximize equipment purchases with minimal financial impact through promotions, discounts, creative financing options and—last but not least—through the tax code. For example:
Be sure to look for and take full advantage of promotions such as end of year specials or tradeshow discounts, ie. AudiologyNOW! Specials.
Creative financing is another important consideration, especially if you want to be able to purchase and take possession of the equipment instantly, but cannot pay in full. Ask your equipment company about strategic partners such as buying groups, management groups and hearing aid manufacturer.
If your equipment vendor has strategic partners, ask who those partners are and if those partners have a co-op loan program. Co-op programs enable the customer to receive the equipment instantly while paying the strategic partner back over time by way of their hearing aid purchases. (The strategic partner will increase the hearing aid price by a small amount i.e. $50/unit over a two year commitment.) Most co-op loans are interest free.
When purchasing equipment, you should think about taking advantage of Section 179 of the IRS tax code. Essentially, Section 179 allows businesses to deduct the full price of qualifying equipment and/or software purchased or financed during the tax year. That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the full purchase price from your gross income.
Finally, take advantage of complimentary consultations offered by your equiptment vendor. Your Audiology Systems local representatives will work with you to evaluate your professional and patient care needs and ways to maximize your purchase. They can also walk you through available education, training, service and support programs to ensure you are getting the most out of your purchase. Call 855.283.7978 or contact Audiology Systems to be connected to your local representative. Thank you for your question.
National Business Development Manager, Audiology Systems
Jackie Allen Phillips, AuD, serves as the National Business Development Manager for Otometrics/Audiology Systems Inc. In this capacity, Dr. Phillips is responsible for developing corporate and key account relationships. This responsibility also includes establishing structure, governance and guidance as well as driving and leading selected corporate and key strategic accounts. Prior to joining Otometrics/Audiology Systems Inc., Dr. Phillips worked with Siemens Hearing Instruments in various roles, including Senior Manager of Government & Contract Services, and Senior Account Representative. Before working on the manufacturing side of audiology, Dr. Phillips worked 7 years in a clinical capacity for Houston Ear, Nose, and Throat Clinic. In addition to her undergraduate degree in communication disorders from Stephen F. Austin University, Dr. Phillips holds a master’s degree in audiology from Lamar University, and a doctorate of audiology from A. T. Still University’s Arizona school of Health Sciences.
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