What if you were told that you as a Health Care Provider could receive funds for medical equipment, devices, computers, furniture, and other office or medical equipment? You would ask, “How?’. It is a simple process of taking advantage of tax incentives and credits made available specifically to your industry.
The most immediate reply to this statement is, “If it is that simple, why have I not heard about this before?”. Simply put, tax incentives and credits are confusing and most CPA’s are unable to fully capture the available incentives and credits for their clients.
Successful health care providers, from individual practices to large entities, are constantly faced with the decision of when and how to invest in their own businesses. The most important factor being, the total cost of the investment, including the potential tax benefits.
Tax Incentives / Credits Every Medical Facility Owner Should Consider
- Cost Segregation
- Section 179 D
- Property Tax
- Historical Tax Credits
- Section 45L Tax Credit
- R&D Tax Credits
- Hiring Tax Credits
This is just a short list of possible tax incentives and credits available to Health Care Providers. The easiest way to determine if your organization would qualify for tax incentives or credits is to ask an expert.
Medical offices of all types are excellent candidates for a Cost Segregation study. This is due to the fact that most medical facilities contain extensive amounts of cabinetry and counter-tops throughout their buildings. In addition, most medical facilities have a high number of dedicated electrical and plumbing work supplying both the medical and office equipment. This could include but would not be limited to: water lines, gas lines and compressed air lines. They also normally include extensive data communications systems, intercom systems and sound or video system which ALL qualify for accelerated depreciation. This list does not even touch on outdoor excavation work that would qualify.
The very best method for identifying qualified property is the use of a cost segregation study provided via an engineer working in conjunction with your CPA to identify and classify all qualified property.
GMG has worked with many medical facilities to uncover tax incentives and credits that allowed their offices to expand, hire additional staff and reinvest in their practices. Your facility should be taking advantage of the potential money that is available for them today.
Flint based organization, Growth Management Group, LLC (GMG) is proud to announce they are teaming with Insight Institute of Neurosurgery and Neuroscience (IINN) to perform a stimulus review allowing both organizations to continue moving towards their combined goal of transforming Flint’s economic state.
GMG’s Total Savings Review will focus on stimulus incentives in the areas of Research & Development, Commercial Property and Hiring. Although it is too early to determine final benefits, GMG anticipates procuring IINN a NET tax benefit of over $1,500,000 over the next five years.
GMG National Director of Sales, Jeremy Harrison states, “We are extremely excited to partner with Amer and the entire IINN team. Procuring these incentive and savings opportunities, especially for local firms is why we are in business. We look forward to a long term relationship that will not only provide a great business partnership but will help facilitate the economic recovery of Genesee County.”
GMG is a Flint-based full service training, development and cost savings consulting firm. Their vision is to stimulate local economies by providing an extensive array of products, services and strategies that help people and businesses fulfill their potential. GMG recently announced their move to a new national headquarters, taking over the recently vacated Diplomat Pharmacy headquarters at Elms and Corunna Roads in Flint Township. With this move the company plans to add up to 100 new employment positions for Genesee County residents.
IINN plans to invest $18 million over the next 10 years in expansion and create an up to 120 additional jobs over the next 5 years. IINN has teamed with Diplomat Specialty Pharmacy to expand the Great Lakes Tech Center – former home to GM Headquarters and create more than 1,000 jobs over the next five years.
GMG and IINN look forward to helping restore the local economic climate and encourage local businesses to pursue all available opportunities to recover incentive dollars.
More information regarding GMG can be found online at www.gmgsavings.com or by calling 888-705-5557. To learn more about IINN, please visit www.iinn.com.