Forklifts and the US GDP

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.

  • Industrial truck manufactures generate 209,600 jobs in the US, directly and indirectly.
  • The economic impact of forklift on the US economy is $25.7 billion dollars. Here in North Carolina, forklifts generate over $1.4 billion dollars to our state economy.
  • Over $15 billion of that contribution is a result jobs that support forklift sales and service such as service technicians, the parts that are made and sold and installed on forklifts, training centers etc…
  • The Bureau of Labor and Statistic (BLS) estimates that there are about 540,000 industrial truck operators in the US.
  • There are over 200,000 forklifts sold annually in the US.
  • Over 1 million forklifts are sold around the world each year.
  • The industrial truck industry generate about $5.3 billion dollars in state and local taxes. Here in North Carolina, state and local taxes are over $103 million dollars.

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

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Section 179 Tax Incentives Renewed for 2017

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Jan 1, 2017 –   Section 179 is still affected by the “Protecting Americans from Tax Hikes Act of 2015” (PATH Act) that was signed into law on 12/18/2015. This bill expanded the Section 179 deduction limit to $500,000, where it will remain for all of 2017. For those interested, you may read the summary from the Ways and Means committee here.

Section 179 Deduction: Until further notice, Section 179 will be permanent at the $500,000 level. Businesses exceeding a total of $2 million of purchases in qualifying equipment have the Section 179 deduction phase-out dollar-for-dollar and completely eliminated above $2.5 million. Additionally, the Section 179 cap will be indexed to inflation in $10,000 increments in future years.

50% 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.

IMPORTANT THIS YEAR: Section 179 for Current 2017 Tax Year
Section 179 can provide you with significant tax relief for this 2017 tax year, but equipment and software must be financed and in place by midnight December 31, 2017. Use this 2017 Section 179 Calculator to see how much the Section 179 tax deduction can save your company.

2016 Section 179 Tax Information (Last Year)

The PATH ACT passed in December of 2015 affected 2016 and beyond, making the Section 179 deduction for 2016 $500,000. In addition, the 50% Bonus Depreciation was reinstated.
Click Here for the fully updated Section 179 Calculator for tax year 2016 (Last Year).

Answers to the Three Most Common Section 179 Questions

How Much Can I Save on My Taxes in 2017?
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 2017, and includes any/all increases from any future legislation.

What Sort of Equipment Qualifies in 2017?
Most tangible business equipment qualifies. Click here for qualifying property.

When Do I Have to Do This By?
Section 179 for 2017 expires midnight, 12/31/2017. If you wish to deduct the full price of your equipment from your 2017 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 2017, especially since the expected Federal Discount Rate increases don’t leave much time for action. Please apply today.

More Section 179 Deduction Questions Answered

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:

We’ll answer all of these questions, and make certain that you come away with all of the knowledge you need to make smart business decisions in this 2017 tax year regarding equipment and/or software purchasing and Section 179.

Why? Because if you’ve been thinking about buying or leasing new equipment and/or software, it’s definitely to your advantage to use this excellent tax break.

Successful businesses take advantage of legal tax incentives to help lower their operating costs. The Section 179 Deduction is a tax incentive that is easy to use, and gives businesses an incentive to invest in themselves by adding capital equipment. In short, taking advantage of the Section 179 Deduction will help your business keep more capital, while also getting needed equipment, vehicles, and software.

Free Tools that Make Calculating Section 179 Deductions Simple

Section 179 is really very simple. You buy, finance or lease qualifying equipment and/or software, and then take a full tax deduction on it this year (also, there are a few other things, which we’ll go over, but in a nutshell, that’s the idea). To give you an estimate of how much money you can save, here’s a Section 179 Deduction Calculator to make computing Section 179 deductions simple.

If you use the calculator, take note of the savings on your tax obligation. Many people find that, if they lease or finance their Section 179 qualified equipment, the tax savings actually exceed the first year’s payments on the equipment (making buying equipment profitable for the current tax year). This is perfectly legal, and a good example of the incentive that Section 179 provides small and medium businesses.

Visit our website to learn more about our line-up of new material handling equipment, including:

Tri-Lift NC, Inc. is your source for quality material handling equipment, service, parts and rentals. Visit our website to learn more. Then contact us for a quote at 866-393-9833.


Why One Source is So Important

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!”

 


Four Decades of OSHA; See the Results

History has taught us that quality, safety and productivity result from the setting of and adherence to high standards. Although OSHA has at times, been a much-maligned agency, the results on workplace safety speak for themselves. Their setting of high standards for workplace safety has resulted in a dramatic drop in worker injury and death. Their agency has also made a tremendous effort to not only create and enforce high standards of safety, but also to provide education and information to actually help companies in their efforts to create a safe and productive workplace. Below are the results.

  • In 1913 there were a recorded 23,000 industrial deaths among 38 million US workers (source: Bureau of Labor and Statistics)
  • Between 1935 and 1960 there were over 400,000 workers killed in industrial related accidents in the US.
  • In the 1960’s there was a 20% increase in reported workplace accidents.
  • Although the workplace doubled in size between 1970 and 2009, worker deaths DECREASED from over 14,000 to about 4,400.
  • Reported workplace injuries and illnesses decreased from 10.9 incidents per 100 workers in 1972 to less than 4 incidents per 100 workers in 2010

Much of the ground that has been made in workplace safety is a result of creation and enforcement of strict workplace safety. These standards are enforced through a consistent measure of inspections. Many standards called for requirements of employers to provide a wide variety of PPE’s (Personal Protective Equipment) not previously required by employers.

While there have been times that OSHA and it’s many regulations have seemed like a burden, and indeed they can be. No one can discredit the results. One of the most important tasks we take on as employers is the duty to bring all of our employees back safely to work, tomorrow.

Top Cited OSHA Standards for 2012

The following were the top 10 most frequently cited standards in fiscal year 2012:
  1. Fall protection, construction (29 CFR 1926.501)
  2. Hazard communication standard, general industry (29 CFR 1910.1200)
  3. Scaffolding, general requirements, construction (29 CFR 1926.451)
  4. Respiratory protection, general industry (29 CFR 1910.134)
  5. Control of hazardous energy (lockout/tagout), general industry (29 CFR 1910.147)
  6. Powered industrial trucks, general industry (29 CFR 1910.178)
  7. Electrical, wiring methods, components and equipment, general industry (29 CFR 1910.305)
  8. Ladders, construction (29 CFR 1926.1053)
  9. Machines, general requirements, general industry (29 CFR 1910.212)
  10. Electrical systems design, general requirements, general industry (29 CFR 1910.303)

As you can see, powered industrial trucks received frequent citations from OSHA. Be sure your fleet is safely maintained and your operators are trained. Learn more about our Service and Training Capabilities, then give us a call. We would appreciate the opportunity to work with you to make your operation safer, more productive and more profitable.