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How Can Dental Practices Take Advantage of a Section 179 Tax Deduction?
By The Dentists Supply Company
If you own a dental practice, the Section 179 tax deduction may help you lower your taxable income and help you save on your business taxes for 2021. Learning more about this valuable tax incentive can help you reduce owed business equipment taxes and help you plan for your practice’s future.
What is the Section 179 tax deduction?
The Section 179 deduction applies to tangible personal property such as machinery and equipment purchased or leased for use in a trade or business.
How does the Section 179 tax deduction work?
Any dental practice filing a U.S. Business Income Tax Return for 2021 is eligible to take the Section 179 deduction. The equipment must be acquired in 2021 and installed or placed in service by Dec. 31, 2021.
I recently bought new equipment. What more do I need to know about qualifying for Section 179?
Coordinate with your equipment provider to ensure there’s enough lead time to install your equipment before the end-of-year deadline. If your new equipment requires employee training, you will need to schedule the training as soon as possible to meet the deadline. Keep in mind that if you pay for equipment in advance but fail to install it by Dec. 31, 2021, the Section 179 deduction will not apply for 2021. You also may need to meet other eligibility requirements under Section 179.
What kinds of equipment purchases qualify for the deduction?
Most of the equipment you’ll purchase, finance or lease for your practice will qualify for the deduction, provided that it is used more than 50% of the time for business purposes. A few examples of qualifying purchases include:
- Business vehicles.
- Certain improvements to an existing non-residential building, which may include fire alarms, HVAC, security systems, and roofing.
- Computers.
- Computer “off-the-shelf” software.
- Equipment (machines, etc.) purchased for business use. (Your deduction is based on the percentage of time you use the equipment for business purposes).
- Office equipment (X-ray imaging instruments, handpieces, air purifiers, etc.).
- Office and operatory furniture (dental patient chairs, dental cabinets).
A routine part of an IRS audit is to review freight bills and bills of lading, and to verify when the equipment was delivered and installed. Make sure you retain these documents in case of an audit.
Is there a limit on how much money I can deduct in 2021?
The Section 179 deduction limit for 2021 is $1,050,000. This means your dental practice can deduct the full cost of qualifying equipment (new or used, leased or owned), up to $1,050,000, from your taxable income in 2021.
The tax deduction applies until you reach a spending cap of $2,590,000 for the year. The spending cap was put into place to ensure that the deduction remains an incentive for small businesses.
Who should I contact to claim the tax deduction for dental practices?
If you have questions about Section 179, contact your CPA or tax professional. They can help you determine if taking the Section 179 deduction is the right choice for you and your practice. In addition, your tax professional may be familiar with other tax provisions that may provide additional tax savings.
Explore TDSC.com equipment and handpieces.
Reprinted with permission. This blog was originally posted by The Dentists Company on Nov. 8, 2021.
Today’s FDA is Online Now!
The March/April issue of Today’s FDA is online now! Click below or go to floridadental.org/publications to read this issue.
Oh Great, I’ve Got This Kid with Oral Pathology … What Do I Do with That?!
By Dr. Ben Curtis
Has this ever happened to you? I know I am not the only one! As a pediatric dentist, this is one area where I use to be nervous and concerned, but I know is an opportunity for my office to shine. I integrated an all-tissue laser into my pediatric practice five years ago and it has been a game changer for my patients and my office.
This case is of a 5-year-old child who has a mucocele, a ruptured salivary gland that has formed a cyst of saliva that persists or gets larger. Fig. 1 is before treatment and Fig. 2 is two weeks post-treatment. These lesions are almost always caused by trauma and are quite common in early childhood. Kids of this age are not known for leaving things alone and they tend to bite and suck on these swellings, which makes them worse. The traditional surgical treatment involves a scalpel, lots of gauze to control hemorrhage and sutures to close the surgical site. Well, that sounds terrifying on a 5-year-old child! Not fun, right?
Then comes the all-tissue laser and changes everything! With an all-tissue laser, we can provide a more minimally invasive surgical approach with minimal bleeding, no sutures and excellent healing … and dare I say, fun for me as the doctor! Could this be a win-win situation for both the patient and the doctor? Yes! I have been able to help countless patients who have these oral pathology lesions with the all-tissue laser in a simple in-office procedure that takes me less than 10 minutes. This procedure has become my most favorite pediatric procedure to preform, and it is all do to the all-tissue lasers help!
Dr. Ben Curtis is an FDC2022 speaker and will be presenting two courses on Thursday, June 23. “Integrating Laser Dentistry into Your Pediatric Care” will be at 9 a.m. and “Lumps and Bumps, Oh My! Successful Removal of Pediatric Soft-tissue Pathology with an All-tissue Laser” will be later that day at 2 p.m. For more information and to register, visit floridadentalconvention.com.
Beyond the Bite 