The Vision Council Educates Eyecare Providers, the Industry on Tax Incentives for Equipment Purchases

Alexandria, VA (Nov. 6, 2018) – The Vision Council's Lens Processing & Technology Division shared educational resources for eyecare providers, as well as the organization's membership, regarding the upcoming deadline to utilize the Section 179 Deduction. This allows businesses to deduct the full purchase price of qualifying equipment and/or software that's purchased or financed during the 2018 tax year, Jan. 1 through Dec. 31. As 2018 comes to an end and businesses rush to complete their end-of-year tax forms, the deadline for Section 179 Deduction can easily be forgotten.

"With extended bonus depreciation and an increased limit on Section 179, thanks to the Tax Cuts and Jobs Act of 2017, businesses have the rare opportunity to write off most or all of their new capital equipment from 2018," says Rick Clemente, chair of The Vision Council's Lens Processing & Technology Division. "Businesses should contact their accountants or financial advisors to find out if they can benefit from this new tax law change."

While all businesses that purchase, finance and/or lease new or used equipment qualify, electing to use Section 179 provides small and mid-sized businesses the opportunity to invest in themselves while receiving the added benefit of a tax relief. Section 179 is often regarded as an overwhelmingly lucrative decision because it can help lower operating costs, allows businesses to retain more of their tax dollars, and provides the opportunity for tax savings to exceed the total of the first year's payments on the equipment or software. In addition to the Section 179 Deduction, Bonus Depreciation is offered at 100 percent this year.

As an industry leader, The Vision Council advocates for eyecare providers and its membership by providing access to exclusive industry insights to stimulate growth in the vision community.

For more information on Section 179 or lens processing equipment and software, contact The Vision Council's Lens Processing & Technology Division Liaison Paul Wade at pwade@thevisioncouncil.org.

About The Vision Council

Championing better vision for better lives, The Vision Council positions its members for success by promoting growth in the vision care industry through education, advocacy, research, consumer outreach, strategic relationship building and industry forums. By sharing the latest in eyewear trends, advances in technology and advice from eyewear experts, The Vision Council serves as a resource to the public looking to learn more about options in eyeglasses and sunglasses.