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GPS Tracking Tax Incentives

Section 179: GPS Tracker Tax Breaks

Businesses are constantly seeking the latest technological advances in order to increase profit and efficiency, but one thing many companies occasionally overlook is how tax codes can provide some financial relief. One tax code that many businesses should consider taking advantage of before 2013 rings to an end in Section 179. This is because the tax incentive program can actually benefit companies investing in new devices such as GPS tracking system units, making now the perfect time for any company to invest in vehicle management technology to better observe the automotive fleet activity.

Section 179 businesses can deduct up to half a million dollars ($500,000) on purchases related to the investment of equipment if that business has less than $2 million in overall capital expenditures. This makes it essentially advantageous to invest in more modern and technologically advanced equipment that can improve business efficiency this year rather than in 2014. Purchases that would fall under this Section 179 tax exemption include items such as company cars, office computers, and other machinery used for business purposes. Included in this list are GPS vehicle tracking devices that can provide mileage documentation, real-time tracking data, and an overall improvement in fleet oversight. Not to mention, auto theft security for company vehicles.

GPS tracking systems can offer any company a method of reducing fuel consumption, enhancing worker productivity, and lowering insurance costs, but Section 179 will also encourage businesses to invest in fleet management technology now because of the tax incentives”, explained GPS tracking expert for Tracking System Direct. “What is also great about Section 179 is that it works retroactively to 2012 which will allow businesses already taking advantage of GPS tracking hardware to deduct some of those costs associated with hardware and service fees. Any business not talking to their CPA or tax guy about the benefits of Section 179 is really not doing their company any favors.”

There is only one week left to write off costs associated with GPS vehicle tracking devices so talk with your accounting representatives soon about how your business can utilize this tax break in order to take your company to the next level of success.

GPS Tax and Financial Solutions

GPS Tracking Systems Help Maximize Tax Deductions

As the famous saying goes, there are only two things certain in life and they are death and taxes. Thinking about either one is enough to give a sane individual a migraine headache, but with the assistance of GPS tracking at least the taxes part can be a whole lot easier to deal with. With personal GPS tracking and vehicle tracking systems now more affordable and easy to use than ever before, more people are able to maximize their tax deductions with the help of a tracking system.

What many people may not know is that mileage is driven for charity, business, or medical purposes is all considered tax-deductible if the driving information is properly and accurately accounted for. For example, people who drive up to 1,000 miles annually for business purposes can qualify for a $500 deduction, and trips driven to participate in charity work/activities can be deducted for 10 miles driven each way or a total of $145 per year.

Are GPS Trackers Tax-Deductible?

GPS tracking systems take the guesswork out of documenting mileage and make the data logging process a simple one. A tracking system can record driving information such as stops made, speeds driven and mileage is driven, allowing anyone to easily calculate tax-deductible mileage driven, regardless of the vehicle tracker. GPS users will find that devices such as the Connect OBD2 have the ability to create easy-to-use and read driving activity reports that separate mileage is driven each day to the hundredths of a mile. The GPS tracking systems will even tabulate the total number of miles driven per day.

When making tax deductions, good accounting can result in maximized tax deductions, and most importantly, a larger return forms the IRS. Taxpayers should make every possible effort to maximize their deductions, especially with the current economic crisis. For people who do not like to physically and meticulously document mileage throughout the year GPS tracking technology can provide the solution.

The tax deduction a person will receive from the use of a GPS tracking device will easily pay for the cost of most tracking systems, making it a smart purchase for any person looking at saving money and increasing their tax deductions.

Matthew Henson
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