Contractors with their eyes on growth have several great reasons to buy equipment before the year ends. First, you can deduct up to the full cost of the equipment, up to $1,040,000, using the Internal Revenue Service Section 179 Deduction. Section 179, initially established 10 years ago, exists as an incentive to help small businesses and boost the economy. Contractors who take advantage of it don’t pay less tax, they just save money in the year they make the purchase vs. over five or more years of depreciation. It’s important to consult with your CPA or tax attorney for details and deductibility applicable to your circumstances. Additionally, benefits may vary by state. Qualifying equipment must be put into use by Dec. 31, 2020.