I’m sure you hear about it often – Section 179. It seems like everyone has an opinion regarding this IRS section which allows you to expense equipment and technology purchases. The article below does a good job of explaining the difference between Section 179 expensing, bonus depreciation, and regular depreciation. Depending on your financial situation one or more of these may be the right way for you and your accountant to address your tax obligation. Unfortunately, as the article says, there is no “one-size-fits-all” option. I will tell you, though, based on many talks with doctors about this matter, that having a CPA who specializes in working with dentists is a necessity! Their specialized knowledge can save you thousands each year in taxes and they can help you best navigate the tax code for your specific situation.
Check out the full article here:
