GPS Trackit Helps You Save On Taxes
Section 179 Deductions
Businesses are often forced to shoulder a large portion of the country’s tax burden. While this can put a significant strain on business owners, the good news is that there are several ways they can use tax codes to their advantage. Fleet businesses, in particular, can benefit from both Section 179 deductions and fuel tax savings.
In addition to the many savings GPS tracking offers your fleet, it may also qualify as a tax deduction under Section 179.
Almost every business equipment purchase your company makes (up to $500,000) qualifies for a Section 179 deduction. These purchases may include vehicles, computers, and—you guessed it—GPS tracking devices.
Section 179 Qualifying Purchases*
Keep up with changing schedules, drivers and delivery locations with dashboard control of your entire team.
Vehicles owned by the business
Machines and other equipment purchased for use in business
Computers and “Off-the-Shelf” Software
Office Equipment and Furniture
Personal property used for business
Equipment purchased for both business and personal use (depending on the percentage of time the equipment is used for business)
*Generally. Consult your tax professional for more information.
These current Section 179 allowances only apply to qualifying purchases made in 2016, so any equipment purchase you’re hoping to deduct must be made before December 30, 2016.
Fuel Tax Savings
The fuel cost savings fleets experience with GPS tracking are well documented. But, what about fuel tax savings? With the accuracy of GPS state mileage data, you will never pay more in fuel taxes than you really owe again.
GPS Trackit’s ProMiles® Integration allows companies to easily create IFTA-compliant reports while minimizing the potential for recording errors. Mile-to-kilometer and gallon-to-liter conversions are processed automatically, ensuring fuel reporting accuracy.
IFTA reporting errors don’t just put your compliance status in jeopardy—they can mean big losses for your business in the form of fuel tax costs.