Posted: January 9, 2018 Filed under: Forklift Equipment, Material Handling, Uncategorized, Used Forklifts | Tags: chicago, new forklift, new lift truck, Section 179, used forklift, used lift truck, west chicago
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 888-530-1832 for more information or a quote.
Posted: January 5, 2018 Filed under: News | Tags: CLARK Material Handling, forklifts, Industrial truck association, Material Handling News
CLARK Material Handling Company (CLARK) is pleased to announce that Scott Johnson, Vice President of Sales and Marketing, has been elected the new Chairman of the Board of Directors for the Industrial Truck Association (ITA). Scott accepted the gavel from outgoing Chairman Brett Wood of Toyota at ITA’s 34th Annual Meeting held at Coeur d’Alene, Idaho, September 13-16, 2017.
“CLARK was instrumental in the formation of the Industrial Truck Association
over 65 years ago,” commented Scott upon accepting this prestigious position.
“For all these years, ITA has been the leading organization in the industrial truck
industry in North America, and has led the way for the formation of sister
organizations in other parts of the world. I am humbled and extremely proud to
support and now lead this organization which has served the forklift industry and
its members so well for so long.”
Scott previously served on ITA’s Statistics Committee and has represented
CLARK on ITA’s Executive Committee for several years. Scott has worked in the
material handling industry for over 20 years. He is also an active member of the
Material Handling Equipment Distributors Association (MHEDA). Scott is an avid
outdoorsman, and a proud alumnus of the University of Kentucky.