Hello- I’m currently a 1099-NEC independent contractor working in sales, but I’m interested in starting my own construction business. The new business will require construction equipment (i.e., skid steer, excavator and equipment trailer). I will make north of 200k in 2021 with my 1099-NEC, but my question is if I can use Section 179 to purchase equipment for my new business and use those deductions to reduce the amount of taxes that I will owe at the end of this year (assuming the equipment is purchased and placed in service in 2021)? Thank you!
