Dentists who own and operate practices who have purchased or financed equipment during the calendar year, may elect to take the Section 179 deduction when filing their taxes in order to maximize their savings.
Dentists who own and operate practices who have purchased or financed equipment during the calendar year, may elect to take the Section 179 deduction when filing their taxes in order to maximize their savings.
Internal Revenue Service Code Section 179 allows business owners to deduct the purchase price of equipment and/or software put into service during the year.
In 2017 the ADA successfully advocated to ensure the dental profession benefits from the tax reform law that passed Congress. The Tax Cuts and Jobs Act was the first major rewrite of the U.S. tax code in more than 30 years and contained many changes that could affect dentists' financial planning. With the 2019 filing deadline approaching, the ADA News is featuring a series of articles focusing on how the new law will affect dentists beyond the revised standard deductions. The first article in the series ran Dec. 10 and discussed the Student Loan Interest Deduction.
Read More on ADA.org