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10 Things to Know About $1 Million Tax Break

December 18, 2020

Are you thinking you’ll be busier in 2021 than in 2020? If that’s the case—it may be a great time to add new construction software or new or used equipment and deduct all of it on this year’s taxes.

Call it a win-win for small-to-medium size businesses, Section 179 of the U.S. Tax Code allows businesses—including those who make their living in construction—to expense $1,040,000.

This deduction is good until the total equipment purchased for the year exceeds $2,590,000. Once your purchases exceed that number, the deduction is reduced on a dollar-for-dollar basis.

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