Maximizing Pharmacy Profits: The Power of Utilizing Section 179 | RxSafe

Independent pharmacy owners are focusing on maximizing cash flow and minimizing their cash outlay inthe lead-up to the expected DIR fee overlap in early 2024.In today's rapidly evolving pharmaceutical landscape, not only is it essential to stay updated with clinicaladvancements and best practices, but also with the financial tools and incentives available to us. Onesuch tool that often goes underutilized is Section 179.Section 179 might sound like just another clause in the tax code, but for pharmacies it can be a game-changer. Today, we will delve into how this tax provision can benefit your operations, enhance yourprofitability, and strengthen the financial health of your pharmacy.Our expert panel will explain Section 179, provide real-world examples of its implementation, andanswer any questions you may have about leveraging it effectively.Let me introduce our panelists:• Scoty Sykes, Sykes and Co.• Pete Davison, Advantage Financial Services• Lisa Kocian, Gibson Pharmacy• Adam Robinson, Save-Rite Drugs[Watch Pucci’s Pharmacy, Clint Hopkins Video]Scoty & Pete1. Can you provide us with a brief overview of Section 179 & how it works?2. What are the main benefits pharmacies can gain by leveraging Section 179 deductions?Lisa & Adam3. Can you tell us how you effectively utilized Section 179 and what the impact was on yourfinancial botom line?4. Did Section 179 impact your purchasing decision when you bought adherence packagingequipment?Scoty & Pete5. How does Section 179 apply to pharmacies looking to invest in automation or other high-costequipment?6. What should pharmacies should keep in mind to ensure they don't miss out on utilizing Section179 this year?7. For pharmacies that lease equipment, how does Section 179 apply, and what should theyconsider?8. Are there any common pitfalls regarding Section 179 that pharmacies should be aware of?9. If a pharmacy chooses to defer lease payments to conserve cash can they still utilize Section179?10. How much can a pharmacy owner save in taxes in a best case scenario?AllAddress questions from the audience