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 there 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 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 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 driven, allowing anyone to easily calculate tax-deductible mileage driven, regardless of the tracking system is a real-time or passive GPS tracker. Tracking system users will find that GPS trackers such as the GPS Tracking Key, GPS Tracking Key Pro and Victoria tracking system all have the ability to create easy to use and read driving activity reports that separate mileage driven each day to the hundredths of a mile. The GPS tracking systems will even tabulate the total number of miles driven per each 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.