Taxes can prove to be a burden for many businesses. Regardless of the assertion that you are paying taxes to improve your quality of living through the services that are funded by such, taxation can still undeniably have a negative impact on your financial statements. Fortunately, there are several ways by which taxes can be lowered. These will present opportunities for you to lessen the amount that is paid to the government, and hence, providing the business with more financial resources. One way of doing so will be in the form of tax refund from the fuel that is used in the operations of a power take-off or PTO unit. In spite of being promising, only a very few businesses are using this tax incentive. The main problem is the fact that they cannot accurately measure PTO times, giving them no capability to quantify and report how much exactly they are eligible for a tax credit.
The Solution – IndusTrack
If you have a business and you would like to consider PTO tax credit as a way of being able to save a huge amount, IndusTrack offers the perfect solution for your needs. The company offers a small device, which consists of a four-wire cable, and can be directly attached to the vehicle. Once installed, it will automatically determine relevant information and made such available in an easy-to-understand format for the tax credit. Aside from the hardware, it also comes with software and a data plan that is very affordable.
How It Can Help
Without a doubt, the biggest benefit of using PTO is to save on tax. Generally speaking, if your business has 10 vehicles with 4 hours of PTO daily, tax savings can be in thousands annually. When you are able to save such amount for a long time, you will have more finances that can be used to sustain your operations.
Aside from the tax credit, PTO can also be beneficial in terms of being able to monitor the productivity of the vehicle. This can provide the management with useful insight on strategies that can be pursued relevant to their vehicles and equipment. PTO will make it easy to determine how the business is able to utilize its vehicles.
The following are some of the specific industries and how they can benefit from PTO beyond tax credit:
· Fuel Delivery Companies: Monitor the time it takes to load and unload fuel in different gas stations.
· Towing Companies: Determine the miles traveled when the tow is engaged.
· Taxi Companies: Monitor if the tax fare meter is turned on and if there is a passenger who is traveling.
· Trailer Companies: Figure out the miles driven when trailer is attached.