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Construction glossary

What is Section 179?

Section 179 of the Internal Revenue Code is a deduction designed to help certain businesses recover part of the costs associated with the purchase of qualifying equipment, including machinery, vehicles, or computer software. Within the construction industry, this can be a vital tool, allowing construction firms to write off the full purchase price of equipment they have bought or financed during the tax year. Whether it’s for acquiring a new excavator, a truck, or upgrading software, the Section 179 incentive directly strengthens financial capabilities of the companies in the construction sector. This, in turn, encourages business growth and economic development. Claiming this deduction can significantly impact a construction company’s overall operating costs, providing potential major tax relief.

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Other construction terms

Progress Billing

What is Progress Billing?

Progress Billing is a method commonly used in the construction industry, where billing for a project is done at different stages as it progresses, rather than asking for full payment upfront or at the...
Quantity Survey

What is a Quantity Survey?

A quantity survey, also known as a bill of quantities (BOQ), in the construction industry is a detailed analysis and estimation of all parts, materials, and costs associated with a construction projec...
Breaking Ground

What is Breaking Ground?

Breaking Ground, in the context of the construction industry, refers to the initial stage of a new construction project. This process often commences with a ceremonial event, typically involving the i...

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