Did you know that you can get a tax credit for expenditures made to provide access to disabled individuals during 2015?
Many fitness clubs may have made such expenditures without realizing that these costs can significantly reduce their income tax liability.
Under Internal Revenue Code, Section 44, an income tax credit (not just a deduction) of up to $5,000 is available for costs incurred during 2015 for equipment purchased during 2015 that is accessible to disabled users.
Wheelchair accessible equipment, including the Core Stix One Fitness Package and the Floor Mount System, are eligible for such a tax credit, saving qualifying small businesses* hundreds or thousands of dollars in income taxes. The best part is, all of your members will get incredible use out of Core Stix One and the Floor Mount System!
What other expenditures are eligible under IRS Section 44? Costs relating to barrier removal in their facilities (except for costs incurred during new construction), such as widening a doorway or installing a ramp, provision of accessibility services (e.g., sign language interpreters), and provision of printed material in alternate formats (e.g., large-print, audio, Braille).
Act fast! To reduce your 2015 taxes with Core Stix One or the Core Stix Floor Mount System, you must purchase the equipment on or before December 31, 2015.
A qualifying small business is one that, for the previous tax year, had either revenues of $1,000,000 or less or 30 or fewer full-time workers. Either one of these will qualify a business for this Section 44 tax credit.
The amount of the tax credit is equal to 50% of the eligible access expenditures in a year, up to a maximum expenditure of $10,250. There is no credit for the first $250 of expenditures. The maximum tax credit, therefore, is $5,000.
Please click here for more detailed ADA information regarding the tax deduction and tax credit.
Please click here for the ADA tax form for claiming your ADA Tax Credit.
IRS Section 179 Deductions:
You may qualify for additional savings on your 2015 taxes under IRS Section 179 on the purchase of new and used fitness equipment, as well as off-the-shelf software, purchased and put into service during 2015. Equipment put into service during 2016 should apply to reduce your taxes for 2016.
Order now to take advantage of this offer for 2015!
How much can you save? Click here to use the quick and easy calculator.
Want more information? Click here for more information about the IRS Section 179 tax savings.
Please note that we are not tax advisors. Please verify eligibility with your tax advisor.