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Starting a dental practice can be a fulfilling career step, but it requires more than clinical skills alone. Establishing a successful practice involves careful planning, strategic financial decisions, and a comprehensive understanding of business operations.
It’s hard to believe, but it’s that time of year again to start thinking about how to reduce your practice’s tax liability for 2024.
Section 179 of the IRS tax code, designed to encourage small businesses, including many private practices, to invest in their practice and allow them to deduct the full purchase price of qualifying equipment and/or software that has been purchased or financed during the tax year from their total gross income.
For dental practices, this means that the cost of capital equipment such as CBCT, digital X-ray machines, intraoral scanners, and even software can be fully or partially deducted from gross income. This means your practice can write off the full purchase amount this year and are no longer required to depreciate the equipment over time as they have in previous tax years.
Calculating this deduction effectively can help reduce tax liabilities and improve cash flow for practices. Here’s a guide to understanding and calculating the Section 179 deduction for dental imaging equipment.
More and more, when it comes time to start shopping for dental imaging equipment - hunting for the best value can be tricky with so many different brands and models to choose from.
The dental industry is constantly evolving, with exciting, new advancements in tech driving the need for updated equipment.
Extraoral X-ray machines, in particular, are essential tools for diagnostics and treatment planning. For most practices, from panos, pan/cephs to CBCTs, these are essential for the day-to-day operations and all diagnostic work.
Many dentists will tell you: staying updated with the latest technology is crucial for providing high-quality patient care.
Have you given any thought to trading in your imaging unit to treat patients with a more advanced imaging solution?
We just got back from another great year at the AAO Annual Meeting in New Orleans. As usual, we return with more insights on today’s orthodontic practices, including the latest tech you’ll be seeing, as well as what successes and challenges ortho practices are facing this year.
Like shopping for airfare, a car, or furniture, sometimes there's a certain time of year where you might expect to get a better price than others. Capital equipment for your practice, like a dental X-ray machine, is no exception!
In orthodontics, where precision and efficiency are critical, the right equipment can significantly impact the quality of care, patient satisfaction, and the overall success of the practice.
Is taking the leap to a dental start-up on your brain? While the leap may be daunting, the rewards and freedoms it could afford you could be much sweeter.
