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Take Advantage of Section 179 Deduction

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The Internal Revenue Service provides a significant tax benefit to small businesses that reinvest through equipment purchases, leases or financing. Under Section 179 of the Internal Revenue Code, you may be able to write off the entire cost of an equipment purchase in the year it is purchased, instead of depreciating it over many years.

• Sole proprietors, partnerships and corporations can deduct the full cost of equipment and furniture — up to the current tax year’s annual maximum.

• Business-related property purchased during the calendar year typically qualifies for the Section 179 deduction, and can include:

° Tangible personal property such as office furniture, equipment, and computers

° Property contained in or attached to a building (other than structural components), such as counters and signs

° Certain off-the-shelf computer software

• It does not matter if you have not yet paid for the purchase. You simply need to put the equipment into service before the end of the calendar year to claim the Section 179 deduction.

The Internal Revenue Service provides a significant tax benefit to small businesses that reinvest through equipment purchases, leases or financing.

Building or Refreshing Your Dental Practice

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