Originally published in 2021 and updated for 2023
Did you know you can trade some of your pharmacy’s tax bill for new technology? Most people think the Section 179 deduction is some mysterious or complicated tax code, but in reality it offers a viable and simple way for your pharmacy to save.
There’s still time to take advantage of the Section 179 tax deduction, which allows you to deduct up to $1,160,000 in qualifying equipment from your 2023 tax return when you purchase and install this calendar year.
Investing in pharmacy automation technology is a great way to increase your pharmacy’s efficiency and differentiate your business through innovative, valuable services — and to decrease your tax bill by tens of thousands of dollars.
Here are some of the most common questions we get from pharmacy owners about the Section 179 deduction.