The importance of engaging a tax professional when optimizing your Section 179 deductions.
In the first part of our Section 179 series, we delved into the advantages of the Section 179 tax deduction – detailing its benefits and providing examples for medical practices.
In part two, we outlined six pitfalls medical professionals should try to avoid when navigating Section 179.
Now, in the last part of our series, we will underscore the importance of engaging knowledgeable accountants or tax professionals. Additionally, we will review the steps to take when consulting financial advisors regarding Section 179.
Why engage tax professionals or financial advisors
It is critical for business owners to collaborate with qualified tax professionals and/or financial advisors as it relates to Section 179. These advisors bring expertise in areas such as tax planning, investment strategies, and risk management, providing valuable guidance tailored to the unique needs of the business. They can assist in creating comprehensive financial plans that align with both short-term and long-term business goals, ensuring a comprehensive approach to financial management. Professionals can help optimize tax strategies, including Section 179 deductions, credits, compliance, and ensuring that business owners take advantage of all available tax benefits while staying within legal boundaries.
How they can help
Advisors play a crucial role in developing and executing investment strategies that align with the business’s financial objectives, and maximizing returns while managing risk. Outsourcing fiscal management to professionals allows business owners to focus on core business activities, saving time and energy that can be directed toward growing and managing the business. Financial advisors stay updated on economic trends, tax laws, and financial regulations that help businesses adapt to changes in the financial landscape and adjust strategies accordingly.
Tips for consulting with financial advisors
When consulting with financial advisors about Section 179, practice owners should:
Effective communication and collaboration with financial professionals are crucial to making informed decisions about Section 179 deductions tailored to the specific needs and circumstances of the business. Working with a trusted advisor is an investment in the overall financial heath and success of a business. It provides strategic insights, mitigates risks, and ensures that financial decisions and tax strategies align with both business and personal objectives.
Natalie Westfall is Vice President and General Manager of Henry Schein Financial Services. For a complimentary consultation and to learn more about Section 179, please contact Henry Schein Financial Services online, call 1-877-776-7286, or email firstname.lastname@example.org.