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Section 179 equipment expenditures deduction

Understanding the Section 179 Deduction

Basic depreciation allows businesses to deduct capital expenditures, like dental equipment or practice management software over time.  This usually is the cost of the asset divided by the typical useful life of the asset in years. The IRS enacted Section 179 deductions to accelerate small business growth.  

The advantage of Section 179 is both immediate and simplifying. Use the Section 179 to deduct 100% of qualified assets purchased and placed in service this year. Taking the full deduction will give you two significant benefits. First, you will save significant money on your business tax return.  Second, you can skip the complicated depreciation tables required for depreciating assets over time.  The Section 179 Deduction limit is $500,000 for all of 2017.

What can I deduct that will qualify for the Section 179 Deduction?  Glad you asked!   Most tangible business equipment will qualify for the deduction.  The condition of your equipment can be new, certified pre-owned, refurbished or used. As a general rule, qualified purchases should be completed and available for use by the end of the last day of the tax year.

Do you need financing to make investing in equipment easy? Most businesses find equipment financing to be very helpful for significant equipment purchases.  We have selected a list of industry-specific lenders for your convenience.

Take Your 179 Deduction with 3 easy steps

  1. Purchase qualified equipment during 2017.
  2. Keep records of your qualified purchase:  Price, Date, Freight, Installation andIn-service date.
  3. Take your 179 Deduction for the total cost of all purchases, up to $500,000. Don’t forget to include additional charges for taxes, freight, and installation.

Additional Deductions and Resources are Available. 

Remember, the 179 deduction is not simply limited to $500,000. Bonus depreciation and other amounts are also available. Calculate your actual savings with 179 Deduction or visit section179.org for more information. Remember, Dental Planet is not a tax advisor, so please consult with your business consultant or tax advisor for specific details relating to your specific situation.

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