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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

Balance Sheet

What is a Balance Sheet?

A Balance Sheet, in the context of the construction industry, is an essential financial statement that provides a snapshot of a construction business's financial condition at a specific point in time....
Float the Project

What is Floating the Project?

"Floating the Project" in the construction industry refers to a project management technique concerning the manipulation of the project schedule. This term refers to the amount of time that you can de...
Cash Accounting

What is Cash Accounting?

Cash accounting is a financial accounting method often used within the construction industry. It is characterized by recognizing revenue and expenses only when cash is received or paid out. This means...

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