Tornado Industries Unveils Tax Savings Banners
West Chicago, IL – Tornado Industries, manufacturer of professional cleaning tools and equipment for more than 80 years, has added a “last minute” banner to its Web site, further reminding managers and cleaning professionals of a special tax break set to expire or decline significantly at the end of this year.
The banner, also placed on Tornado’s sister company’s Web site, CFR, states that buyers of cleaning tools and equipment may be able to deduct the full purchase price of the equipment from their 2011 taxes. Normally, buyers can only deduct a portion over several years.
“This is not only a tax savings, but it makes whatever end-users purchase less expensive as well,” says Michael Schaffer, president of both companies, who has been trumpeting the tax savings program ever since the November ISSA/INTERCLEAN™ tradeshow.
Schaffer offers the following as an example of the temporary tax and cost savings possible:
If an end-user purchases $40,000 worth of cleaning tools and equipment before December 31, the total amount can be deducted on the end-user’s taxes (for 2011). (See spreadsheet below)
If they are in the 35 percent tax bracket, this can result in a tax savings of $14,000.
This means that $40,000 worth of cleaning equipment actually only costs $26,000.
Schaffer adds that end-users should consult with their tax advisors to learn the specifics of the program, “but they should do this now. We don’t get many breaks like this from Uncle Sam and waiting till next year will simply be too late.”
Sample Tax and Cost Savings
Total Cost of New Cleaning Equipment $40,000
Total 1st Year Deduction of the Equipment $40,000
Tax Savings Assuming 35 percent Tax Bracket $14,000
Actual Cost of the New Cleaning Equipment Purchased $26,000
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Available For Interviews And Industry Commentary:
Tornado Industries President Michael Schaffer is available for interviews and industry commentary by calling (630) 818-1300
About Tornado a Tacony Company
Tornado Industries has been engineering quality cleaning equipment for more than 80 years. The company has a long history of developing innovative products and applying the latest technology to increase productivity, reduce costs, and improve safety. Tornado prides itself on always being on the cutting edge of cleaning solutions.