- Details
- Category: Industry News
Washington, D.C. — Congress recently renewed several business tax benefits, including 50 percent bonus depreciation with expensing levels at $500,000 (with a $2.5 million ceiling) through Section 179. The bill, H.R. 5771, had been approved by the House but toiled around the Senate before passing the same day that Congress left for its holiday break.
While it does give businesses a bonus, it doesn’t give them much time to take advantage of it (just 8 days until the end of the year). When the clock strikes midnight on January 1, bonus depreciation disappears and expensing levels return to just $25,000 with a ceiling of $200,000. This also applies to any equipment you leased or purchased and put into service in 2014.
That means that if you purchased qualifying equipment (see your tax expert for qualifying vehicle purchases and special limits on deductions), you can deduct the full cost of the investment in the year you purchased it rather than taking the deduction over a number of years—up to the $2.5 million ceiling. For select small and midsize operators, that could reduce your tax obligation to nothing for the fourth quarter of 2014. Some of the deductible items include office furniture, computers, off-the-shelf software for computers, business office equipment (copy machines, garage machinery), and business vehicles over 6,000 pounds GVWR. Used equipment does not qualify for bonus depreciation.
Work Opportunity Tax Credit (WOTC) is also getting a small window of life, so if you’re on the fence about hiring a candidate before the end of the year, it might be worth it to go ahead and extend the offer. The credit is worth up to $9,600 per qualified hire, including unemployed veterans, recipients on welfare or food stamps, or ex-felons. Of course you don’t want to rush the hiring process just to get a credit, but it could be worth it if you’ve already been interviewing and need a tie-breaker between two great candidates.
Remember, these deductions are only valid through the end of the year. WOTC and bonus depreciation go away completely, while Section 179 is significantly reduced.
Visit irs.gov or talk to your accountant for more information on the deductions.
[CD1214]
- Details
- Category: Industry News
The QSi Awards—which stand for Quality, Service, and Innovation—are the only national awards for the UK's growing chauffeur and private hire industry, and the results were announced at a gala dinner at the Effingham Park Hotel near Gatwick this past November.
“Tristar Worldwide is still the class of the field, setting and raising the standards for the executive chauffeuring market not just in the UK, but around the world, while presenting a polished, professional image right across the business,” says Mark Bursa, editor of Pro Driver.
“We are delighted to have won Pro Driver QSI awards in every category that we entered,” says Dean De Beer, Global CEO of Tristar Worldwide. “This is the second year in a row that we have won the Gold Award in the Chauffeur Operator (31-plus vehicles) category and we are committed to continually evolve and innovate to ensure we provide the best, most efficient service for our customers. We are also delighted to see Paul Alleman rewarded for his dedication to being an excellent chauffeur, with exceptional customer service, attention to detail, and advanced motorist driving skills.”
Visit uk.tristarworldwide.com for more information.
[CD1214]
- Details
- Category: Industry News
Meriden, Conn. — Harte MV-1 of Connecticut is one of the few dealerships in the Northeast exclusively selling the first-ever purpose built mobility vehicle to accommodate a passenger using a wheelchair or any other mobility aid. This is the only wheelchair accessible vehicle on the market that is produced on an assembly line, not retrofitted. Everything from the door opening, ramp slope, interior lighting, floor space, and headroom is laid out to meet or exceed the guidelines of the Americans with Disabilities Act (ADA).
“This vehicle is truly amazing in that it’s the first of its kind and is completely built with passengers’ needs in mind,” says Natalie Ramadanovic, general manager of Harte. “We offer a full lineup of MV-1s in stock for immediate delivery. We also offer free service pickup within Connecticut and 24/7 roadside assistance when you purchase or lease an MV-1.”
Harte MV-1 of Connecticut is already making an immediate impact on the surrounding community. The dealership recently donated a new MV-1 to a Seymour family in need of a handicap accessible vehicle for their daughter who is battling a brain tumor. It was provided to the family free of charge and on loan for as long as they need it.
“We are proud to be able to provide a vehicle that accommodates any type of need a passenger may have,” says Ramadanovic. “It’s our pleasure to be able to bring mobile freedom that completely accommodates a passenger.”
While the MV-1 is purpose built for the best-in-class wheelchair accessibility it also accommodates every type of passenger. The MV-1 was built with universal access without vehicle modification, another industry first. Some of the features include low step-in height, large seating designed to accommodate a 95th percentile male, best-in-class interior height, two wheelchair positions; either front or second row, optional rear-facing jump seat, largest single swinging door anywhere at 56” tall and 36” wide, interior room for wheelchair transfer, service animals, and ease of maneuverability inside the vehicle for any individual.
Visit hartefamilymotors.com for more information.
[CD1214]