The Forklift Boss Blog

Blog posts from Marshall Cromer, "The Forklift Boss". Follow us for information on forklift safety, available parts, & upcoming technologies shaping the future of material handling!
Forklift Boss Blog
  • Reminder: Use the Section 179 Tax Deduction on All Your Material Handling Purchases

    by Marshall Cromer, The Forklift Boss | Oct 25, 2017

    (Valid Until December 31)

    Now that the year’s winding down, we want to remind everyone about the Section 179 Tax Deduction. Just like last year, Section 179 is available on all your material handling purchases…if you make them before the end of the year.

    Refresher on Section 179

    Section 179 is a tax deduction you can take on equipment purchased OR leased, if you make your purchase before the end of tax year 2017. The current deduction limit is $500,000.

    While the Section 179 deduction remains active for 2017, we don’t know if it will extend into next year. We do know that the 50% bonus depreciation will stay valid through 2019.

    How Do I Take the Section 179 Deduction?

    It’s simple. When you file your business’ taxes for 2017, include IRS Form 4562 and deduct your covered business equipment. If you need to estimate the savings beforehand, use this Section 179 Savings Calculator.

    All of the following qualifies under Section 179:

    • Industrial Equipment (like our forklifts, pallet jacks, warehouse rack, and shelving)
    • Office furniture and office equipment
    • Computer hardware or software
    • Vehicles used for business

    The Bonus Depreciation still allows you to depreciate 50 percent of the equipment cost. However, this will shift down to 40 percent in 2018, and to 30 percent in 2019. This is the last year you’ll enjoy the 179 deduction, plus the 50% bonus depreciation!

    You’ll find full details at www.section179.org.

    Congratulatory Spot – Impact Transportation

    We just had a great purchase from a great Cromer customer. One that directly relates to this topic.

    Congratulations to Impact Transportation of Oakland on their new forklifts!

    Ron at Impact Transportation with Kalmar Forklifts
    Ron Cancilla, President of Impact Transportation, showing off his new Kalmars!

    Impact bought two Kalmar forklifts—a 36,000lb Kalmar DCG180-6, and a 55,000lb Kalmar DCG250-12.

    Impact transports large-scale materials from the Port of Oakland. Containers, trucks, you name it.

    They bought these two Kalmar beasts to haul more of those large-scale materials. These boys will pick up containers like you pick up an apple.

    Now, here’s the best part. Because they bought before December 31, they’ll get a nice big Section 179 tax deduction! We helped them sort out the paperwork and everything. They’re all set to go.

    Impact Transportation's Website

    Get Your 179 Deduction Too!

    Get the same tax write-off Impact Transportation did! Buy or Lease the forklifts you’ll need for 2018 today. Come out to any Cromer location before December 31. We have your Section 179 write-offs waiting for you.

    Until next month!

    Marshall Cromer, The Forklift Boss
    Cromer Material Handling

     

    ForkliftBoss.com Deal of the Month 

    2011 CAT 8,000# FORKLIFT – $16,862 OR LEASE FOR $385/MONTH

    2011 CAT LPG Used Forklift

    For our October Deal of the Month, we have a high-capacity CAT forklift for sale or lease. This is a 2011 Caterpillar GC40K-STR with an 8,000# capacity. LPG, Triple stage, 95” lowered, 209”, with 48” forks. Only has 4,042 hours on it.

    It looks small. But don’t be fooled—at 8,000 pounds capacity, it will haul anything you need it to. We have only one of these in stock, and it’s ready to go at our Oakland headquarters. Buy it for only $16,862.

    Prefer to lease? You can lease this CAT GC40K for $385/month. It’s a 48-month lease, after which you own the forklift. You get the right price, only at Cromer.

    Interested? Call Cromer at 800-974-5438 and ask for the high-capacity CAT!