2024 Dental Practice Tax Guide,
Includes Section 179 Tax Deduction
Don’t let vital deductions pass you by!
See what you may be missing...
Fill out the form below for your complimentary copy of the updated tax guide!
Did you know that virtually all your equipment purchases are 100% tax-deductible?*
Let’s break down exactly how you can use the IRS Section 179 deduction before 2024 ends.
2024 TAX UPDATES
Pass-through business deduction, inflation adjustment tax savings, clean energy credit & more
OVERLOOKED DEDUCTIONS
Often missed strategic year-end purchases for higher deductions
EXPANSION
Tax implications if you’re considering expanding or selling your practice
PERSONAL IMPLICATIONS
Insights on personal tax impacts (retirement accounts, Roth IRAs & 529s)
Ensure you maximize your Section 179 deduction with expert guidance from dental tax specialist Bob Gray, Owner and Partner at Gray-Pilgrim and Associates, LLC.
Don't let the over $1.2 million available to deduct slip away!
See the possible tax savings you’re missing.
Dental Tax FAQs
What is Section 179 deduction, and how can it benefit my dental practice?
The Section 179 deduction allows you to deduct the full cost of qualifying dental equipment or software from your taxable income in the year of purchase. This means you can invest in a new CBCT system or 3D printer and get an immediate tax break. Curious about your savings? Our guide dives into the details (see pages 7-8).
What is bonus depreciation, and how does it work for dental practices?
Bonus depreciation lets you maximize tax savings by writing off a large portion of new dental equipment or technology costs in the year it's put into service. Planning major upgrades? Bonus depreciation can help you save even more.
How do Section 179 and bonus depreciation 2024 differ, and which should I use?
Section 179 deduction allows you to deduct the entire cost of new equipment immediately, while bonus depreciation offers additional write-offs beyond the IRS Section 179 deduction limit. Both can be combined for maximum benefit, especially for big-ticket items like dental chairs or imaging systems.
What kinds of purchases qualify for the Section 179 deduction?
Eligible items for Section 179 deduction 2024 include 3D printers, cone beam machines, intraoral scanners, sensors, mills, dental chairs, X-ray machines, software, and office furniture. Considering upgrades or expansion? These purchases can be fully deducted this year. Download our e-book for a complete list and expert advice.
How can investing in dental equipment improve my cash flow and reduce my tax burden?
Investing in new equipment before the year ends allows you to take advantage of deductions like Section 179 deduction and bonus depreciation, reducing your taxable income, saving money at tax time, and improving cash flow.
What other tax credits or deductions should I be aware of for 2024?
Beyond Section 179 and bonus depreciation, other valuable tax credits include clean energy credits and inflation adjustment deduction, further reducing your tax liability. Our e-book covers these updates and more.
How can I make the most of clean energy tax credits in my dental practice?
Clean energy tax credits can reduce your environmental impact and save on taxes. Solar power, energy-efficient upgrades, and green initiatives can be significantly offset by these credits.
What are the tax implications of expanding my dental practice or opening a new location?
Expanding or opening a new location can bring tax benefits, such as deductions on leasehold improvements and potential bonus depreciation on new equipment. Strategic planning is key to maximizing these benefits, and our guide provides insights on how to navigate the tax implications of growth.
Ready to learn how you can get more out of your 2024 deduction?
Fill out the form above for your complimentary copy of the e-Book!
*Up to 1.2 million. For more information about what qualifies as a Section 179, please read inside the e-Book. Ensure purchases are operational, plugged in, and paid for by December 31st.
Neither Henry Schein, Inc. nor Henry Schein Financial Services provides tax advice. Please consult with a qualified professional tax adviser to determine your eligibility for a Section 179 tax deduction.
2024 Henry Schein, Inc. Neither Henry Schein, Inc. nor Henry Schein Financial Services provides financial advice. Please consult your financial adviser. Neither Henry Schein, Inc. nor Henry Schein Financial Services is a bank and neither represents itself as such, nor conducts banking activities.