Choose the Best Software For Your Fleet
Join our mailing list and get all the expert opinions in your mailbox today.
Transport companies are expected to maintain their vehicle operators and motor vehicles safe. They perform with the help of transport devices and automobile solutions. These programs deliver all the essential particulars such as the shipping time and the number of trips made. All freight organisations notify their driver operators of the terms and conditions before recruiting them. This also includes authorisation to track them throughout the working hours.Read More
Neglecting to do so can land you in serious trouble, and you also can deal with court action. But, the truck supervisors should also look after their employees’ privacy while monitoring them. All of the commercial automobiles are installed with vehicle tracking tools these days. This helps to retain a record of workers’ actions.
“Truck drivers are the only ones that know the best places to stop on the road.”-Carole Eastman
A vehicle monitoring system is linked with the wifi. It helps the vehicle operators to create deliveries in time. These types of solutions propose the very best routes to pick. It reduces the deterioration of your motor vehicles. Shipping companies can run an automobile monitoring system with smartphones and computer systems. You can save the programmed information digitally. This info helps to produce payments as well as record taxes. Gps tracking enables individuals to track their drivers and vehicles. The gps helps in navigation and offers location accessibility to transport companies.
Truck management solutions aid vehicle operators to get productive on their jobs. It guarantees that the drivers’ efforts are rightly used and makes it simpler to provide the deliveries. This product is composed of a place tracking system, gps, and gas calculator. This saves a company’s time and helps it to decrease its fuel expenditures.
Video Credit – marineinsight
Freight forwarding software organisations set up an automobile management device in automobiles like cars, autos, trailers, and semi-trucks. Many people use automobile tracking to keep tabs on business vehicles. Several shipments and transport companies use this system to incorporate efficiency in their job. It gives information like the number of deliveries and indicates the techniques to handle emergencies. It adds pace to the overall shipping and delivery process.
Asset tracking devices keep tabs on industrial vehicles. Asset monitoring makes use of it solutions to maintain track of all the aspects. It allocates bar codes to a company’s automobiles and assets. You can scan those bar codes and be aware of your employees’ actions. The device is widely employed by truckers, supervisors, and motorists likewise. By using this software, you can keep transparency in your business. This leaves no room for disagreements or confusion between workers.
A routing system can be used for the same goal of tracking the employees. This assists freight to know their vehicles and drivers’ destination. It gives information on the shipping and private trips made by the employees. All commercial vehicles are included using a tracking gadget. It can help to build a solid relationship with your workers as well as to earn their trust. The transport managers utilize many tools and tools to get efficiency in their operations.
However, you will need to make sure that the drivers do not have any security concerns. Furthermore, it needs to be guaranteed that the companies track their tasks only during the official time. But they could do this simply with the driver’s permission. It is illegal to deceive the drivers by installing a system with no consent or tracking them after their work hours. You must get a signed agreement from your employees that they have no issues regarding this. This will make sure to keep you out from legal conflicts in the future.
Claiming a mileage tax deduction is the best possible way to cut the amount of tax you owe to the IRS. But in recent years the authority has been very strict in mileage tax deduction rules. The tax amendment 2017 seriously limited the mileage tax deduction. Now you cannot claim the itemized deduction for expenses like annual mileage. The job and tax amendment 2017 also limited this deduction on relocation expenses. Only the active military personnel can claim this benefit while relocating to other places due to duty transfer.Read More
In the new amendment the following person can claim the mileage tax deduction.
- Medical appointment mileage
- Mileage used for non-profit purposes
The important part is that one has to have a good knowledge of ifta tax rates before filing for a mileage tax deduction. You also need to maintain a proper record for each business mile you claim for tax benefit.
Business Mileage for Self-employed Worker
As far as the mileage tax deduction is concerned, self employed can claim the maximum mileage tax deduction. He can claim as much as 58 cents per business mile for tax deduction. Self-employed can accumulate those miles by adding miles driven for client meetings, miles driven to other sites and miles driven to fetch the office supplies. If an individual drives both personal and business miles with the same vehicle then only business purpose miles will be deductible. Business miles started from the business premises to go anywhere for the business purpose. Miles driven from your house to the business location are only considered as the personal miles. Any person who has his house as his principal location of the business can claim both miles, starting from the house and coming back to the house from any business related work.
My dad was a truck driver. We all used to ride along with him. And the way he’d keep awake was to sing while he was going down the road. So we all joined in.Johnny Van Zant
There are two ways to claim your business mileage for a self-employed person.
1. By Actual Expense
By actual expense method, one can claim the entire operating cost of the vehicle used exclusively for business purposes including the vehicle depreciation value. You have to keep a thorough record with ifta reporting online for this method and you may end up getting a bigger tax deduction. All the vehicle related expenses like gasoline, tires, maintenance, insurance, licensing and registration fee etc. needs to be recorded properly. Along with vehicle depreciation, you also need the exact miles driven for the business purposes throughout the year.
2. By Standard Mileage Rate
In this method you have a predetermined rate in cents per miles as a tax deductible. If you select this method then you have to carefully log all your business miles and keep your personal miles away from it. In this method you cannot charge your vehicle’s other expenses like maintenance, depreciation, gas or insurances etc. But the parking fees and tolls can be claimed as long as they occur while you are driving on business. Once you have the correct number of miles driven in a year for business reasons, then you can simply multiply these numbers with the standard mileage rate for the year to get the mileage tax deduction for the year.
Which One Is the Best Option?
Well the best option depends on the type of car you are driving for business purposes. If you are driving a big car but less miles then the actual rate method is better for you. Because most of the time you will end up spending more on gas and maintenance if you have a big car. But if you are driving a small car with a lot of miles per day then the best option for you is the standard mileage rate.
Claim Medical Mileage
The IRS allowed you to claim all the miles driven while visiting a doctor, pharmacy and hospital as a tax deduction. One person can get as much as around 20 cents per mile as a medical deduction but there is a restriction on it. Your medical bill and medical deduction combined should be more than a certain percentage of your total gross income and you can charge that higher part as tax deduction.
Maintain a Detailed Record
Mileage tax deduction can save you a lot of money but be careful while charging any miles for tax deduction. You should refrain yourself from charging any undocumented miles. In case of an audit , the department of taxes definitely asks for records including dates, destinations and exactly why you went there.
Video Source: AllTruckJobs.com
If you want to claim ifta fuel tax filing deduction then maintaining a proper record of all the expenses and miles is a must for you. Your travel logs should be in detail, clearly mentioning the date, time, destination and purpose of visit. Tracking every business mile can be a very hectic and difficult process but thanks to quite a few technology solutions and ELDs that can do it for you.
There are multiple mobile apps available in the market that will log your travel details for you. Once you have that then you can categorize these trips accordingly and print out the detailed report.
Claiming your mileage tax deduction is very crucial for the survival of a few companies or individuals. But make sure you have all the documents or log books backing your tax deduction claim. The IRS has put together certain rules about claiming your mileage tax deduction and if you are not sure about them then you should take the help of a tax professional.