With the passage and signing into law of H.R.1, aka, The Tax Cuts and Jobs Act, the deduction limit for Section 179 increases to $1,000,000 for 2018 and beyond. The limit on equipment purchases likewise has increased to $2.5 million.
Further, the bonus depreciation is 100% and is made retroactive to 9/27/2017 and good through 2022. The bonus depreciation also now includes used equipment.
See the fully updated 2018 Section 179 Calculator to see how this tax deduction affects your company.
The Section 179 deduction is $500,000 for 2017, with a 50% bonus depreciation in place until late September (see 2018 information for change).
Click Here for the fully updated Section 179 Calculator for tax year 2017 (Last Year).
Answers to the Three Most Common Section 179 Questions
How Much Can I Save on My Taxes in 2018?
It depends on the amount of qualifying equipment and software that you purchase and put into use. See the handy Section 179 Calculator that’s fully updated for 2018, and includes any/all increases from any future legislation.
What Sort of Equipment Qualifies in 2018?
Most tangible business equipment qualifies. Click here for qualifying property.
When Do I Have to Do This By?
Section 179 for 2018 expires midnight, 12/31/2018. If you wish to deduct the full price of your equipment from your 2018 taxes and take advantage of the new higher deduction limits, it must be purchased and put into service by then.
Many businesses are finding Section 179 Qualified Financing to be an attractive option in 2018, especially since the expected Federal Discount Rate increases don’t leave much time for action. Please apply today.
Welcome to Section179.Org, your definitive resource for all things Section 179. We’ve brought together a large amount of information regarding Section 179, and clearly and honestly discuss the various aspects of IRS §179 in plain language. This will allow you to make the best possible financial decisions for your company.
Section 179 can be extremely profitable to you, so it is to your benefit to learn as much as possible. To begin, you may have a lot of questions regarding Section 179 such as:
Check out our line-up of new forklifts or used forklifts, then contact us at 866-393-9833 for more information or a quote.
From the OSHA blog:
Labor’s Occupational Safety and Health Administration releases a preliminary list of the 10 most frequently cited safety and health violations for the fiscal year, compiled from nearly 32,000 inspections of workplaces by federal OSHA staff. One remarkable thing about the list is that it rarely changes.
Year after year, inspectors see thousands of the same on-the-job hazards, any one of which could result in a fatality or severe injury. More than 4,500 workers are killed on the job every year, and approximately 3 million are injured, despite the fact that by law, employers are responsible for providing safe and healthful workplaces for their workers. If all employers simply corrected the top 10 hazards, we are confident the number of deaths, amputations and hospitalizations would drastically decline. Consider this list a starting point for workplace safety:
It’s no coincidence that falls are among the leading causes of worker deaths, particularly in construction, and our top 10 list features lack of fall protection as well as ladder and scaffold safety issues. We know how to protect workers from falls, and have an ongoing campaign to inform employers and workers about these measures. Employers must take these issues seriously. We also see far too many workers killed or gruesomely injured when machinery starts up suddenly while being repaired, or hands and fingers are exposed to moving parts. Lockout/tagout and machine guarding violations are often the culprit here.
Proper lockout/tagout procedures ensure that machines are powered off and can’t be turned on while someone is working on them. And installing guards to keep hands, feet and other appendages away from moving machinery prevents amputations and worse. Respiratory protection is essential for preventing long term and sometimes fatal health problems associated with breathing in asbestos, silica or a host of other toxic substances. But we can see from our list of violations that not nearly enough employers are providing this needed protection and training.
The high number of fatalities associated with forklifts, and high number of violations for powered industrial truck safety, tell us that many workers are not being properly trained to safely drive these kinds of potentially hazardous equipment. Rounding out the top 10 list are violations related to electrical safety, an area where the dangers are well-known. Our list of top violations is far from comprehensive.
OSHA regulations cover a wide range of hazards, all of which imperil worker health and safety. And we urge employers to go beyond the minimal requirements to create a culture of safety at work, which has been shown to reduce costs, raise productivity and improve morale.
To help them, we have released new recommendations for creating a safety and health program at their workplaces. We have many additional resources, including a wealth of information on our website and our free and confidential On-site Consultation Program. But tackling the most common hazards is a good place to start saving workers’ lives and limbs.
Learn more about Tri-Lift’s Forklift Operator Training and contact us to be sure your operators are trained to properly operate the forklifts you own, under the conditions you operate. Well-trained forklift operators are more productive, less costly and more profitable for your material handling operation.
Well-maintained forklifts are also more productive, safer and have a longer useful life. Find out more about how we can help you keep your forklift fleet operating at peak efficiency and safety at our forklift services page.
Contact us to learn more at 866-393-9833.
We talk a lot about employee safety, particularly within the confines of forklifts. But OSHA has compiled plenty of information that demonstrates it is more profitable in the long-run for companies to invest in health, wellness and safety programs for their employees. Just like forklift operator safety training, investing in other aspects of your employee’s job safety and overall health, your company reaps the rewards of less sick time, improved performance and productivity, and yes, profits. Following is OSHA’s business case:
Employers that invest in workplace safety and health can expect to reduce fatalities, injuries, and illnesses. This will result in cost savings in a variety of areas, such as lowering workers’ compensation costs and medical expenses, avoiding OSHA penalties, and reducing costs to train replacement employees and conduct accident investigations. In addition, employers often find that changes made to improve workplace safety and health can result in significant improvements to their organization’s productivity and financial performance.
The following resources provide background on the economic benefits of workplace safety and health and how safety managers and others may demonstrate the value of safety and health to management.
Journal Articles
Michael Behm, Anthony Veltri, and Ilene Kleinsorge. “The Cost of Safety: Cost analysis model helps build business case for safety.” Professional Safety (April 2004). Presents a cost analysis model that can help safety, health, and environmental professionals measure, analyze, and communicate safety strategies in business terms.
“Proceedings From the Economic Evaluation of Health and Safety Interventions at the Company Level Conference.” Journal of Safety Research Vol. 36, No. 3(2005), pages 207-308. These articles describe several tools currently used by companies to evaluate the economic impact of safety and health interventions.
Susan Jervis and Terry R. Collins. “Measuring Safety’s Return on Investment.” Professional Safety (September 2001). To address the challenge of maintaining effective safety programs in the face of cutbacks, the authors discuss a decision tool to help safety managers determine which program elements offer the best return on investment.
Learn more about Tri-Lift NC, Inc. and our Forklift Operator Safety programs. Safety and training are the keys to productivity, efficiency and improving the bottom line. Find out why Tri-Lift NC, Inc. is your One Reliable Source for materials handling equipment, service, parts and rentals.
Industrial trucks and forklift sales are directly tied to our economy. When our economy does well, more forklifts are required to move the goods ordered by customers and end-users. Conversely, when a downturn occurs, forklift sales drop, sometimes dramatically as they did with the recession of 2009. What few people understood until now, the economic impact these forklifts make on our economy. Recently the Industrial Truck Association in conjunction with Oxford Economics researched the topic, and below are some of the significant findings.
As you can see, when we sell a forklift we create a lot of work not only here at Apex, but for our customers, their customers and the impact is felt all throughout our state and national economy.
Report – Industrial Trucks Effect on State and National Economics
Tri-Lift NC, Inc. has the new forklifts to meet near any application. From serve our customers from our convenient locations in Greensboro, Raleigh, Charlotte North Carolina and Columbia and Greenville South Carolina. Whether you need a single light-duty new forklift or a fleet of heavy-duty, high-capacity forklifts that work three shifts a day, we have the forklift you need. No other dealer in North or South Carolina provides the variety of forklifts and options to meet so many diverse applications. Our line-up includes:
As you can see, our selection of new forklifts is second to none. We represent the finest forklift brands, with the models and options that you need. We select our brands based on historical performance, variety and reliability. And this variety and line-up has led to several awards for selling new forklifts, including Linde’s “Palmetto Award”, as well as expanded territories from CLARK and UniCarriers. Manufacturers understand that Tri-Lift NC, Inc. knows you, our customer, the industries you serve and how to work with you to get the right equipment for your operation.
Tri-Lift NC, Inc’s motto has been “One Source” for many years, and for good reason. We are a truly multi-line supplier than can assist in all facts of materials handling planning, warehouse design, installation and management of all your materials handling needs.
Few companies can assist in facility design, layout, installation and management as well as supply the right forklifts and other lift equipment to complete the job. Working with a single source means one company planning the entire project, creating specifications for all that equipment, ensuring all the pieces fit properly and function as intended.
Having one source means there is no question who is responsible for productivity. Multiple sources have the tendency to avoid responsibility by pointing to other areas not under their control. But when you work with one reliable partner, there’s one call to make, and we’re on the scene! We service and carry parts for what we sell, and even products we didn’t sell. You can count on our service team for everything from rack repair to forklift planned maintenance.
Whether you need a single forklift or a warehouse full of materials handling equipment and a hundred forklifts, Tri-Lift NC, Inc. has the resources to be the partner to help you get the job done right and maximize productivity.
Visit our website to learn more about us, then next time the need arises and make Tri-Lift NC, Inc. YOUR ” One Reliable Source!”
Congress has approved much needed improvements in Section 179 which allows companies, like yours, the ability to completely deduct the purchase cost of equipment the first year it is put into service. The new limits are:
Maximum 179 Deduction for 2016: $500,000
This means for qualifying equipment purchases of up to $500,000, your company can deduct 100% of the purchase price from its taxes the very first year it is put into service.
Further, this maximum will be increased annually, with the maximum tied to inflation, at $10,000 increments.
Bonus Depreciation; Maximum Qualifying Purchases: $2,000,000
Once you exceed the maximum deduction of $500,000, bonus depreciation kicks in at 50%, until you reach the maximum qualifying purchases of $2,000,000. For example, if you spend $1,000, ooo on new equipment, you can fully deduct the first $500,000, then deduct 50% of the remaining $500,000 for a total tax deduction the first year of $750,000. It then begins to phase out dollar for dollar until you reach $2,500,000, where it is then completely eliminated.
Bonus Depreciation will be extended through 2019. Businesses of all sizes will be able to depreciate 50 percent of the cost of equipment acquired and put in service during 2015, 2016 and 2017. Then bonus depreciation will phase down to 40 percent in 2018 and 30 percent in 2019.
Note: The section 179 deduction applies to NEW and USED equipment whereas the bonus depreciation is only available for NEW equipment.
What that means to the purchase price of a NEW, $30,000 forklift? Assuming your company is in the 35% tax bracket, your effective cost, after deducting the entire $30,000 from your taxes, is only $19,500!
With Section 179 in effect for the remainder of 2015 and all of 2016, and beyond, there’s never been a better time to invest in new forklifts for your facility.
Note: We always suggest you consult your accountant or tax professional before you utilize section 179 for tax savings. Not all companies are structured the same and your savings may vary.
To learn more about Section 179, please visit; www.section179.org. Visit our New Linde Forklifts, New CLARK Forklifts, New UniCarriers Forklifts and Used inventory to see our models. Then Contact Us for a quote, or give us a call at 866-393-9833.
Violence in the workplace often erupts without warning, and can have tragic results. Taking steps to prevent these situations can improve safety in your workplace, improve employee satisfaction and lead to increased productivity. Conversely, ignoring potential hazards can result in employee injury, even death — and legal action at considerable costs to the company.
OSHA has outlined five steps you can take to identify and prevent these violent encounters before they happen. While they are not directly related to materials handling operations, we feel these guidelines can apply to a wide variety of organizations, including your company.
Management Commitment and Employee Participation
As with any initiative, without the commitment of management and leadership, the rank-and-file of the organization will likely ignore any efforts to improve safety with regards to violence. Company leadership must be involved on a regular basis and visibly endorse the effort. This can be achieved by establishing a safety and health committee, and having leadership rotate in and out of meetings conducted by the committee.
Management must articulate a policy and establish goals for the company. Once a plan has been developed, leadership should allocate sufficient resources to accomplish the goals and uphold program performance expectations. Providing resources could entail meetings with health professionals to help identify potential hazards, creating visible signage and using other communication methods to keep workers involved in and aware of the program.
Worksite Analysis and Hazard Identification
There are probably facets of your operation that are prone to producing higher anxiety or tension among your employees. These could be actual physical conditions such as heat, cold, and hazardous areas as well as departments that demand high productivity, or even interaction with the public. Taking stock of these areas and identifying factors that are the least or most likely to create a stressful atmosphere are key to prevention. Two steps you can take to identify and prevent violence include:
Hazard Prevention and Control
Once management has established and articulated its commitment, and evaluations have taken place, a plan to reduce potential hazards must be implemented. This step includes:
Safety and Health Training
As with any program you want to succeed, employees must be trained in order to follow the steps outlined by the company to identify and report these risks and follow up as needed.
This training could include meetings with mental health experts to help identify signs of stress in colleagues that could lead to violence. It also can include training on how to avoid violence outside your facility by taking common-sense actions (such as parking under a street lamp), what to do if an employee feels threatened and even self-defense training. Other training topics can include:
Recordkeeping and Program Evaluation
Recordkeeping includes reporting procedures, what gets reported and to whom, and how these records are kept. Keeping track of both “close calls” and actual events helps you identify patterns, areas of particular concern and even certain job functions that might be creating undue stress on employees. It can help you identify areas outside your facility that present a danger to your employees, such as areas of town they serve.
OSHA Log of Work-Related Injuries and Illnesses (OSHA Form 300) can help you organize information not only for reporting to your proper internal sources but also for reporting to OSHA if necessary. As of January 2015, all employers must report:
Injuries sustained as a result of assault must be entered on the log if they meet OSHA’s recording criteria (CFR Part 1904, revised 2014).
Keeping track helps you improve your program, improve employee safety and ensure your employees are operating in a safe and productive work environment.
We hope this summary is helpful to you in establishing your own workplace violence prevention plan. To learn more about what you can do, download the complete “Guidelines for Preventing Workplace Violence) by OSHA, HERE. While it was prepared for healthcare and social service workers, the overall content of this guide can assist any company, big or small, in achieving a safer work environment for all.
Each day, your forklift bears the brunt of your material handling operation. It works hard for you day after day, rarely complaining about the workload or its surroundings. Occasionally it tells you something is wrong, by breaking down. But waiting for a breakdown is expensive. Repairs are more costly once a breakdown occurs and breakdowns can create dangerous situations at your facility. Have you ever wondered what a forklift might tell you, if it could talk? We did, and came up with the following:
Have you ever wondered what else your forklifts might tell you, if they could talk? Our team of service professionals can share their experience with you to determine the best plan to keep all your forklifts operating at peak efficiency and productivity. Happy and healthy forklifts are more productive and safer for those on them, and around them. Contact us to speak to a service professional today. Next time you talk to your forklift, you’ll get nothing but “thank you’s” and compliments!
The Industrial Truck Association has announced it’s second annual Forklift Safety Day, to be held June Tuesday, June 9. You can register to attend the event, held in Washington, DC. While most of you won’t be able to attend, there are things you can do to take advantage of this day to help create awareness about the dangers that forklifts present and how to minimize the potential for accidents that can result in injury or death, damage to your facility, equipment and financial losses. We’ve compiled a short list of things you can do on June 9th to improve safety on and around your forklifts.
Our goal is to help you operate safe, efficient and productive forklift equipment. To discuss forklift safety, operator training –or to get a quote on new equipment, please give us a call at 866-393-9833.
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