Section 179 of the IRS tax code allows dental practices to fully deduct up to $1,160,000 worth of new equipment and equipment upgrades. With dental practices updating their current environment by implementing new standards of care, a Section 179 2023 tax deduction could be a win-win.
Section 179 is a tax deduction for businesses, including dental practices, that receives its name from Section 179 of the IRS Tax Code. Section 179 allows dental practices to deduct up to the full purchase price of qualified equipment, technology, off-the-shelf software, and other qualifying purchases from their taxes within the same tax year.
New equipment and technology are great examples of tax-deductible expenses for dentists with Section 179. Other types of equipment that qualify for the deduction include:
To find out if this deduction is right for you, talk to your accountant, as they can advise on the correct protocols and paperwork you’ll need to apply. If you are ready to make a purchase, let Pact-One help by acting as your advisor with which equipment or software to purchase based on your network!
Have more questions? Download our Section 179 FAQs Infographic!
Frequently Asked Questions many dentists and practice owners have regarding an IRS Section 179 tax deduction