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: May 24, 2016 Filed under: Employee Safety, Forklift Safety, News, Uncategorized | Tags: akron, canton, Employee Health, employee safety, forklift maintenance, forklift operator, Forklift Operator Safety, Forklift Safety Day 2016, forklift service, ohio, youngstown
The Industrial Truck Association has announced it’s second annual Forklift Safety Day, to be held Tuesday, June 14.
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 14th to improve safety on and around your forklifts.
- Make sure all your forklift operators have been trained and that their refresher training is up to date, if applicable or necessary.
- Download our “Forklift Operator Questionnaire” to help you vet new operators about their actual experience and history with forklifts.
- Take time to teach your forklift operators the importance of daily inspections of their forklifts. Daily inspections reduce the risk of equipment failure and catch small problems before they blossom into giant ones. You can find daily forklift inspection sheets on our Training Page for both IC and electric units.
- Download and post our free forklift safety posters that you can find on our Training Page.
- Take some time to gather any staff that operates around forklifts, but not on them, to refresh them about the dangers of this equipment and how to be sure to use safe procedures when they are in an area of your facility where forklifts are being operated.
- Make sure all your forklift’s maintenance is up to date. If you have a Planned Maintenance Agreement, this would be a good time to review it with your service provider to ensure all standard checkpoints as well as unique equipment attachments are being inspected and maintained properly.
- Review any unique “site specific” features your facility may have and be sure your operators are aware of proper handling of equipment while on or around these features (ramps, areas where floors can be slick, floor substrates that vary etc…)
- Make sure that training is part of your company’s orientation for anyone that will or MIGHT operate a forklift. Remember, employees that have not been properly trained aren’t even allowed to sit on and start a forklift, much less move it out of the way of anything.
- Make sure you forklifts have proper safety equipment and that it’s operating properly. Lights, horns, back-up alarms, seat belts, fire extinguishers etc… Check out our Blue Safety Light for pedestrian safety enhancement.
- Make sure you have lock-out kits to ensure that forklifts that do not pass an inspection are locked out immediately until repairs are made.
- Review all your forklifts for possible replacement. Old forklifts, or those that are getting “up there” in hours, might be potential threats. Review safety records and maintenance logs for your equipment. You might find this could be a good time to replace some or even all of 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 Contact Us or give us a call at 888-375-0829..
Posted: March 9, 2016 Filed under: Employee Safety, Forklift Safety, Uncategorized, Warehouse Safety | Tags: aerial lift safety, aerial lifts, akron, boom lift, boom lift training, canton, ohio, scissor lift, scissor lift training, Valley Industrial Trucks, youngstown
While aerial lifts are used frequently at construction, warehousing, and many other job sites, they can pose potentially fatal hazards to workers. Aerial devices include boom-supported aerial platforms, such as cherry pickers or bucket trucks, aerial ladders and vertical towers.
The major causes of injuries and fatalities are falls, electrocutions, and collapses or tip-overs, such as the one that killed Kevin Miranda in Taunton, Mass., on Aug. 18, 2015. Skyline Contracting and Roofing Corp. was fined more than $100,000 after OSHA inspectors found that the aerial lift was positioned on unleveled ground and determined that the company had not trained Miranda to recognize this hazard.
Learn about the fall-related risks and recommended safe work practices associated with this equipment by visiting the new NIOSH Aerial Lifts webpage. The page includes a Hazard Recognition Simulator designed to help you acclimate to aerial lift operation. Additional resources on aerial lift safety are available from OSHA.
One way to improve your aerial lift safety is to be sure your operators are thoroughly trained to operate aerial lifts, based on the kind you operate and the conditions and terrain you operate them under. Visit our training page to learn more about our training programs.
Making sure your aerial lifts are operating safety is to put them on a regular maintenance schedule. It doesn’t take much to make a safe aerial lift become very unsafe. Damaged tires, hydraulic lines, worn parts etc…are all ways to increase the dangers of operating your aerial lifts. Visit our service page to learn more about our service program.s
To speak to us about your aerial lift safety and service, please contact us or give us a call at 888-375-0829.
Posted: February 18, 2016 Filed under: Fleet Management, Uncategorized | Tags: akron, canton, costs, forklift, lift truck, maintenance, new aerial lift, new forklift, ohio, purchase price, service, Valley Industrial Trucks, youngstown
When you are purchasing a new forklift or aerial lift, you obtain competitive quotes, verify specifications and generate a purchase order. For that matter, just about anything we purchase goes through the same process. However, there is much more to purchasing forklifts and other material handling equipment. We have found, over the years, that often there are variables that can greatly affect the total cost of ownership of anything, be it an automobile, forklift or a giant cargo container.
The price you pay for your piece of equipment, by most accounts, reflects about 10% of the total ownership costs of that piece of equipment. This leaves 90% of your total costs up in the air. Depending on many variables, you could pay much more for the equipment than you needed to, or much less. These variables include:
Performance and Reliability of Equipment – Comparing cost per hour to operate can give you a good idea of what competing pieces of equipment will cost you over their useful life. When comparing cost per hour to operate, you should be sure you’re comparing similar models under similar circumstances. A lift truck operating 1500 hours a year for a light weight product manufacturer will cost far less over its lifetime than the same lift truck operating at a recycling facility. This cost should reflect general maintenance requirements as well as fuel costs.
Fuel Consumption – While this is often a part of performance and cost per hour, knowing the fuel costs for each comparing brand and calculating total costs over the life of the equipment can sometimes be quite an eye-opener. In addition, what are your fuel alternatives? Can you use electric models? Thinking outside the box may result in lower costs to power your forklift and other lift equipment.
Specifications vs. Operations – It is rare that two 5,000-lb-capacity forklifts from competing brands will have similar specifications. Knowing what your facility will accommodate and comparing that with each model will give you insight into how each model will perform, given your operating parameters. Factors include: aisle width vs. turn radius, draw bar pull, suspension and ergonomics compared to your floor condition, indoor/outdoor use and ceiling height/rack height vs. max lift height. You will also want to compare features between brands to ensure that each lift truck model is equipped with the proper components to meet your operational requirements. For example: Can it operate properly inside your ice cream freezer?
Ergonomics – A comfortable and smooth-running piece of equipment will provide you with increased productivity. These are costs hidden in equipment that are quite real in daily operating conditions. How much time and research and development, does each brand put into the comfort and ease of use of their equipment? Happy, comfortable operators are simply more productive.
Safety – Never underestimate the safety features of your equipment. What equipment is being specified and what equipment is optional from each manufacturer is very important to know. Reducing your accident costs or product/facility damage can make a big difference in your total fleet operational expenses.
Useful Life – Finally, how many hours can you expect from each piece of equipment until the cost to operate becomes cost-prohibitive? This can vary widely depending upon brand and model. But having some qualitative and quantitative information on hand, if possible, will help you make a better decision about the total cost of operating each unit/model.
There are many factors beyond price tag or lease rate that can help you make good decisions about the equipment you purchase. Having a partner that listens, evaluates and fulfills your needs is essential in building a fleet that is most productive and less costly in the long run. Contact us at 888-375-0829 to speak to one of our material handling professionals about the right forklift for your operation.
Posted: December 23, 2015 Filed under: Employee Safety, Fleet Management, Forklift Safety, Uncategorized | Tags: akron, canton, forklift operator training, forklift planned maintenance, forklift safety, forklift service, ohio, youngstown
On November 3rd it was announced that OSHA would increase penalties for the first time since 1990. The new provision is entitled the “Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.”
This law compensates for the “freeze” on financial penalty increases that had been in place for the last 25 years. The Agreement allows OSHA to make a one-time “catch-up” increase to compensate for the more than two decades of no increases. The catch-up increase can’t exceed the inflation rate from 1990 through 2015 as measured by the Consumer Price Index (CPI), which will be about 82%.
Assuming OSHA applies the maximum catch-up increase allowed, the current maximum $70,000 fine for a Repeat and Willful violation would grow to as much as $125,000 each. The new act does include a potential exception to the increases. OSHA is allowed to forego following the guidelines if “increasing the civil monetary penalty by the otherwise required amount will have a negative economic impact [on America]” or “the social costs of increasing the civil monetary penalty by the otherwise required amount outweigh the benefits.” This language gives OSHA considerable latitude to apply these fines as they see fit. After this one-time catch-up increase, OSHA will use inflation rate as a guide for future increases.
Employers may have several months to anticipate these higher penalties, but action on safety should begin immediately. Ensuring your forklift fleet is being properly maintained by service professionals and that all your forklift operators have current training on the equipment they operate, in the facility they operate them in, will keep you protected from these fines.
As we have discussed in previous articles forklift operator training and forklift maintenance have benefits that go beyond avoiding expensive penalties. Workplace safety protects workers, improves morale and can actually help the bottom line profits for all workplaces. Rather than just treating safety as an expense, management should work to develop a business plan to achieve safety goals, avoid fines, and reduce insurance expense and lost time.
Visit our Forklift Operator Training page and learn more about our Planned Maintenance Program to ensure your fleet, and operators are safe and productive. Then contact us at 888-375-0829 for a quote to proving ongoing training and maintenance to ensure they both stay within safe operating parameters.
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: December 3, 2015 Filed under: Featured Equipment, Uncategorized | Tags: akron, canton, columbia stock chaser, commercial vehicle, ohio, stock chaser, youngstown
Valley Industrial Trucks is proud to feature commercial and utility vehicles by Columbia. This month we feature the highly popular Stock Chaser.
The Columbia Stock Chaser IS12-24 is a 24 volt burden carrier with a 1,200 lb. load capacity and a 1,000 lb. towing capacity. Its standup operator position makes it very convenient for operators who must frequently exit and enter the vehicle. See full specs and more pictures.
The Stock Chaser IS12-24 is ideal for order picking, stock replenishment, towing and materials expediting. Stock Chasers are widely used in the commercial nursery industry because they offer high capacities in a very narrow vehicle. Dual front wheels are standard on the IS-12-24 and provide greater stability and improved rough surface performance. Adding a train of self tracking trailers greatly increases productivity.
Heavy-duty steel construction and Class H motor insulation insure that the vehicle will survive your rough industrial application. A large number of options are available to create just the right Stock Chaser for your job. Choose from headlights, hour meter, ladders, heavy-duty batteries, in-motion beeper, tow hitches, paint colors and many more.
For a quote or more information on the Stock Chaser by Columbia, please Contact Us or give us a call directly at 888-375-0829.