What Is the Section 179 Tax Deduction?
The Section 179 tax code is a deduction created by the U.S. government to help small businesses invest in themselves. It allows a business to write off up to the full price of equipment that's used for business purposes, so long as it's put into service by end of day on December 31, 2023.
Many Massachusetts businesses have been able to use the Section 179 tax deduction to save when they purchase vehicles such as cargo vans, work trucks and other cars. Learn more about the Cadillac Section 179 tax write-off, then stop by our Cadillac dealership near Fall River, MA, to buy a luxurious new vehicle for your local business.
What Vehicles Are Eligible for Section 179?
Whether you're interested in a new or used vehicle, it may be eligible for the 2023 Section 179 tax deduction -- what's important is that the vehicle is new to you. Most work-centric vehicles are eligible for the full deduction -- such as shuttle vans, classic cargo vans and other heavy equipment or "singular use" vehicles (like an ambulance or hearse).
Does the Cadillac Escalade qualify for Section 179? Yes, it does. Heavy SUVs with a GVWR between 6,000 and 14,000 pounds and that are used for business purposes at least 50% of the time are eligible for a max deduction of $28,900. So, you can partially write off a Cadillac Escalade.
The Cadillac vehicles eligible for partial Section 179 tax deductions in 2023 include:
- Cadillac Escalade
- Cadillac Escalade ESV
- Cadillac Escalade Platinum
- Cadillac Escalade ESV Platinum
How Does Section 179 Work?
New and used vehicles purchased or leased during the 2023 tax year are eligible for the Section 179 tax deduction. This allows you to write off up to the full purchase price of the vehicle for the same tax year it was purchased. If a vehicle isn't used for business purposes 100% of the time, the amount you can deduct will be affected. If you have questions about using an online Section 179 calculator or want to learn more about Section 179 tax savings, don't hesitate to contact Mastria Cadillac.
Visit our nearby Cadillac dealer to learn more about Section 179 vehicles and find out how you can claim a Cadillac Escalade tax deduction. Our team can discuss your preferences and pair you with a new Cadillac or used commercial vehicle that'll help your business for miles to come. Check out all the eligible Section 179 Cadillac vehicles when you visit us today.