Why Right Now is the Perfect Time to Upgrade Your Revenue Cycle Management Solution
Are you ready for some upgrades at your dental practice? Smoother, more automated insurance claims processing, perhaps? Encrypted messaging? Better revenue cycle management? Don’t wait another year.
Act now to take advantage of IRS Section 179 benefits for dentists, and reap the rewards of new technology and a reduced tax burden for your practice. Here’s what you need to know.
Section 179 deductions help make your dental practice more profitable and competitive by reducing the expenses associated with technology.
Section 179 allows you to deduct the full cost of certain assets you purchase for your dental practice, instead of having to wait for these assets to depreciate. You probably already know that items like dental equipment and office furniture are deductible. But did you know that business software is eligible, too?
According to Dimension Funding, the 2021 deduction limit for Section 179 is $1,050,000, with a spending cap of $2,620,000. This deduction is available for new and used equipment as well as off-the-shelf software.
But there’s a catch- if you want your practice to be able to claim these deductions on your 2021 taxes, all purchases must be ordered and placed into service before the clock strikes midnight on New Year’s Eve. Time is running out for 2021 Section 179 purchases, and if you miss the deadline, you can’t claim the benefit until you file your 2022 taxes!
You can also carry this deduction forward- if you’re not able to use all of your Section 179 deduction in one tax year because your business expenses exceed your business income, then you can carry that balance forward into future years until it is used up.
This Section 179 deduction was created to encourage small business owners like yourself to invest in new business tools, including technology. You can think of Section 179 like this: it’s a boon for dentists who want to modernize their practice in every respect, whether that’s through better imaging or electronic claims processing and patient communication. Section 179 is designed to help businesses accelerate purchases that provide a real day-to-day benefit.
To keep your practice thriving, it’s important to get the most out of your investments, and claiming Section 179 benefits allows you to do just that.
New year, new software? Make efficiency the New Year’s resolution for your dental practice.
Upgrading your dental practice software in time for tax season allows you to take advantage of Section 179 benefits. And by doing so now, you can devote the holiday season to onboarding and start 2022 off with a more efficient and productive practice.
For example, if you invest in paperless solutions powered by Vyne Dental, you’ll be able to take advantage of automated, electronic solutions for filing insurance claims. That saves your practice time, makes life less stressful for your staff, and helps avoid delayed payments.
Doesn’t that sound like the perfect way to start off 2022? We think so, too. To streamline your claims processing, increase your revenue and claim your deduction on this year’s taxes, contact us today!
