Posted: February 13, 2017 Filed under: News, Regulatory, Uncategorized | Tags: akron, canton, CLARK Forklifts, Doosan Forklifts, new forklifts, new lift trucks, ohio, section 179, youngstown
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:
Valley Industrial Trucks 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 888-375-0829.
Posted: November 21, 2016 Filed under: Employee Safety, Regulatory, Uncategorized | Tags: akron, canton, Citations, employee safety, Forklift Lockout, forklift safety, osha, OSHA Top Ten, Valley Industrial Trucks, Violation, youngstown
Every October, the Department of 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, OSHA 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:
- Fall protection
- Hazard communication
- Respiratory protection
- Powered industrial trucks
- Machine guarding
- Electrical wiring
- Electrical, general requirements
It’s no coincidence that falls are among the leading causes of worker deaths, particularly in construction, and OSHA’s 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.
OSHA says far too many workers are 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 (including lift trucks) 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.
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.
Their list of top violations is far from comprehensive. OSHA regulations cover a wide range of hazards, all of which imperil worker health and safety. They 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, OSHA has released new recommendations for creating a safety and health program at their workplaces.
OSHA has many additional resources, including a wealth of information on their website and their free and confidential On-site Consultation Program. But tackling the most common hazards is a good place to start saving workers’ lives and limbs.
Posted: December 22, 2015 Filed under: Fleet Management, News, Regulatory | Tags: akron, canton, new equipment, new forklifts, new lift trucks, ohio, section 179, tax deductions, tax savings, used forklifts, used lift trucks, youngstown
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 CLARK Forklifts showroom, our New Doosan Forklifts showroom , New Sellick Forklifts showroom and our Used Inventory to see our models. Then Contact Us for a quote, or give us a call at 888-375-0829.
Posted: August 5, 2015 Filed under: Employee Safety, Fleet Management, Forklift Safety, Regulatory, Warehouse Safety | Tags: employee, employee safety, osha, regulatory, safety, warehouse safety, workplace safety, workplace violence prevention
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:
- Conducting job hazard analysis – Management can conduct surveys of their departments to assess the potential risk of violence among employees. This not only includes internal assessments, but assessments of destinations to which your employees may travel, including specific neighborhoods, time of day, etc. Sites that expose your employees to violent behavior are often outside the walls of your facility.
- Conduct employee surveys – Employees will often tell you if their jobs create stressful situations for them and if they feel endangered by some of their job tasks. Conduction of reviews on a regular basis will help you identify these areas and create a plan to reduce danger.
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:
- Identification and evaluation of control options for workplace hazards
- Selection of effective and feasible controls to eliminate or reduce hazards
- Implementation of these controls
- Follow up to confirm these controls are being used and maintained
- Evaluate effectiveness and improve, expand or update these controls as needed
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:
- The company’s workplace policy on violence prevention
- Documentation and reporting
- Location, operation and coverage of safety devices such as alarms
- Ways to identify and deal with hostile situations
- A standard response plan for violent situations
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:
- All work-related fatalities within 8 hours
- All work-related inpatient hospitalizations, all amputations and all losses of an eye within 24 hours
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.