Getting everything in order to file taxes can be quite a challenge for businesses of all sizes. For organizations running fleets, having a cardlock account can help you keep track of tax-relevant information year-round. Access fuel card reports and data to help you prepare for tax season and audits as well as gain a better understanding of your tax expenses.
Designate Cards to Specific Vehicles
A great benefit to a fuel card program is that you can designate cards to specific vehicles. For fleets running tax-exempt vehicles, you will be able to fill up at cardlock fueling stations without incurring taxes. Instead of paying these taxes and then receiving a rebate later, you will see the tax break at the point of sale. Overall, this helps you decrease the cost of business operations during the year and improves your cash flow.
Even if you haven’t set up vehicle-specific cards, your fuel card transaction data will be itemized. This way, you can see the breakdown of city and state incurred taxes by product. If you later realize your vehicle is tax exempt, then you have the numbers to confirm your overpayment. Additionally, having the city and state and product tax information can help you better plan routes. You can also identify which products are costing you the most based on the jurisdiction of the fueling station.
Digital Reporting Tools
If, by chance, you do end up getting audited, you have a digital paper trail to help match up what is being reported. Instead of having a physical paper trail that might takes ages to track down and sift through, digital tools empower you to efficiently pull reports and get numbers when you need them. At Jubitz, fuel cardholders gain access to Pipeline 4 Fuel, an online module that allows you to access your data to export into Excel-friendly documents. Of course, we have customer service representatives available to assist you too and we can run a myriad of custom reports to best suit your reporting needs.
Having these data sets available makes organizing your paperwork less stressful. Managing bite-size, monthly chunks of data can be easier than taking on spreadsheets full of data from a whole year. Keeping a close eye on reports also alerts you to out-of-the-ordinary data too, so you can act fast. Whether you’re getting ready to file your taxes or you’re getting audited, you know you are supported by your fuel card program. Learn more about the Jubitz Fuel Card Programs today by reaching out at 1-800-523-0600 or click here.
Disclaimer: This information is for informational purposes only and does constitute as tax, accounting or legal advice. You are responsible for consulting your own tax, accounting and legal advisors.