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.
2017 Section 179 Tax Information (Last Year)
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.
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:
Check out our line-up of new forklifts or used forklifts, then contact us at 888-865-2083 for more information or a quote.
Linde by KION has announced it is adding two new internal combustion models to its line-up to compete with mainstream market model forklifts. The strategy is to provide the Linde quality that Linde customers expect, at mid-level pricing. By replacing the hydrostatic drive with a more conventional, but still massive differential, torque coverter type transmission, and a Ford 2.5L fuel injected engine, Linde can provide the type of quality that is synonymous with Linde products, at a lower price point.
This is exciting news as Linde forklifts traditionally have been reserved for those companies that have the highest duty cycle and harshest operations. But now, Linde forklifts will be more widely accessible for the mainstream forklift market.
The two new models are the 1219, pneumatic tire, LP and the 1319, cushion tire, LP. Both models come in 5,000, 5,500lb, 6,000lb. and 6,500lb. capacities. We are very excited about the opportunity to present these forklifts to our markets and we know that once our customers get a look at these models and a quote from us, they’re going to be a big hit!
See the specs for the 1219 pneumatic tire forklift and the 1319 cushion tire forklift, then contact us at 888-865-2083 for a quote or more information.
Learn more about Material Handling Inc., North Georgia and Central Tennesee’s source for material handling equipment, service, parts, rentals and training.
By now we all know that anyone that operates lift trucks in your facility MUST be trained to do so. This training needs to be done on YOUR type of equipment, operated in YOUR facility. But when does and operator need to be “refreshed” on forklift operator training, and why? OSHA States:
1910.178(l)(4)(i) – Refresher training, including an evaluation of the effectiveness of that training, shall be conducted as required by paragraph (l)(4)(ii) to ensure that the operator has the knowledge and skills needed to operate the powered industrial truck safely.
1910.178(l)(4)(ii) – Refresher training in relevant topics shall be provided to the operator when:
1910.178(l)(4)(ii)(A) – The operator has been observed to operate the vehicle in an unsafe manner;
1910.178(l)(4)(ii)(B) – The operator has been involved in an accident or near-miss incident;
1910.178(l)(4)(ii)(C) – The operator has received an evaluation that reveals that the operator is not operating the truck safely;
1910.178(l)(4)(ii)(D) – The operator is assigned to drive a different type of truck; or
1910.178(l)(4)(ii)(E) – A condition in the workplace changes in a manner that could affect safe operation of the truck.
1910.178(l)(4)(iii) – An evaluation of each powered industrial truck operator’s performance shall be conducted at least once every three years.
This means that when you hire a new forklift operator, or someone that might operate a forklift for any reason in your facility, you need to find out what type of equipment they have been trained to operate, how and under what conditions. If your new employee previously operated electric order pickers in a distribution setting and your operation utilizes IC forklifts used outdoors, your new employee will need refresher training using your type of equipment under your conditions. This condition would apply under sections D and E as outlined above.
This could also be said for a current employee transferring from another facility that uses different types of attachments or moves different kinds of products. You would need to provide hands-on training and evaluation for your equipment, how to use it, what it does to capacity rating and how to safety maneuver your goods around your facility.
A new employee may have had training at a previous job, using similar equipment under similar conditions. If however, you as a supervisor determine that the new employee is not exhibiting sufficient knowledge of forklift safety, complete training may be an order. OSHA doesn’t address every situation and condition in it’s standard 1910.178, but it is up to us to carefully evaluate our operators on a regular basis and determine if we think refresher training is needed, or if an employee needs to undergo complete training.
Our goal is to help you achieve the safest and most productive workplace in Chicago. if you feel you could use a partner in Forklift Operator Training, please Contact Us, or give us a call at 888-865-2083.
OSHA conducted report showing the true costs of not providing proper protection to employees.
A report generated by OSHA highlights the real costs associated with on the job injuries, who pays them and how this impacts the employee and taxpayers.
Whether an employee is working on a high-rise building or driving a forklift, employers have the responsibility, and what we feel is an obligation to protect their employees from injury. By investing in training and safety, employers get fewer injuries, lower costs, more productivity and an improved satisfaction which often leads to less turn over. But all companies do not feel that way. Many are finding ways to avoid responsibility for providing safe working conditions for their most dangerous jobs.
The report highlights what some companies do to avoid responsibility and what this does to not only the employee, but his/her family and taxpayers when an accident with injury occurs. Shifting the financial burden however does not make it go away. It shifts it to over-burdened worker’s compensation and government systems. In addition, a worker who is injured can expect to make an average of 15% less income after the injury. And while the creating of OSHA in 1970 by President Nixon has greatly reduced on the job accidents, injuries and deaths dramatically, we still have approximately 4,500 deaths every year due to workplace accidents.
As a full-service forklift dealership, safety is one of our most important topics. Forklifts are dangerous pieces of equipment for the operator and anyone working around the forklift. Forklift Operator Training and Pedestrian Training is not only the law, it is our obligation to those that operate forklifts. While manufacturers work hard to innovate and make them safer, nothing can replace a well trained and cautious operator.
Report – The Cost of Not Protecting Workers