Oh, the end of the year! It’s that magical time when holiday cheer is in the air, and tax season is peeking around the corner… 👀
…But before you start groaning about crunching numbers, the team at Zyris has something that might just make you do a happy dance. We’re talking about the Section 179 tax deduction – a little something that packs a big punch in helping your practice’s finances stay as healthy as the smiles you create!
So… What Actually *Is* Section 179?
Section 179 is like a golden ticket from the IRS for businesses across America, including your dental practice. It lets you deduct the full price of qualifying equipment bought or financed during the tax year from your gross income. That means if you buy, receive, and start using some new gear for your practice before December 31, 2023, you can chop down your taxable income.
Pretty sweet, right?
Now, there are some caps and rules, like a maximum tax deduction of $1,160,000 with a property purchase limit of $2,890,000 for 2023. But hey, that’s still A LOT of room to upgrade your practice while saving some dough!
Cool! But How Can I Take Advantage of This in the Real World?
Imagine you walk into your dental practice and the first thing you see is that old dental chair. You’ve had it for years, and while it’s been reliable, it’s starting to show its age. Every time you look at it, you can’t help but dream about that state-of-the-art chair you saw at the last dental expo. It had all the bells and whistles – ergonomic design, seamless movement, and the kind of comfort that would make your patients feel like they’re floating on clouds.
Now, shift your gaze to your imaging system. It’s been acting up lately, and the image quality just isn’t cutting it anymore. You’ve had your eye on the latest model that comes with crystal-clear imaging and 3D rendering. You know it would not only enhance your diagnostic capabilities but also wow your patients.
With Section 179, you can deduct the full price of qualifying equipment from your gross income. It’s like the IRS is handing you a gift card to modernize your practice. Suddenly, that dream dental chair and the cutting-edge imaging system aren’t just figments of your imagination, they’re well within reach, and without having to play tug-of-war with your finances.
Here’s how it works in three easy steps:
1. Shop ‘Til You Drop: Snag that dental equipment you’ve been dreaming about before December 31st.
2. Write It Off: Deduct up to $1,160,000 of the cost of the equipment from your 2023 income.
3. Celebrate Your Savings: Enjoy the tax savings and the new additions to your practice.
Remember — Zyris is Not Your CPA! 😊
We are super excited to share the perks of Section 179 with you, but remember, we aren’t tax professionals.
While we can shout from the rooftops about how amazing Section 179 is, we’re not authorized to give you tax advice. That’s why it’s crucial to partner up with a savvy CPA who can guide you through the nitty-gritty of Section 179, ensuring you cross all the T’s and dot all the I’s to make the most out of this end-of-the-year opportunity!
Click here to view our end-of-year Secion 179 Promotion and SAVE $2,000+ on Zyris Isolite!