What Are the Tax Benefits of This Program? How Do They Apply to a Business Owner?
There are tax benefits that make new Cadillac SUVs even more enticing. Business owners from Paradise and greater Las Vegas can write off the cost of select Cadillac vehicles on next year's taxes, thanks to the Section 179 tax deduction. Cadillac vehicles must be over 6,000 pounds to be eligible for the tax deduction. As a result, there are tax breaks for new Cadillac SUVs.
Rather than spreading the depreciation of the vehicle over multiple years, businesses can immediately expense the full cost of qualifying vehicles in the year they are placed into service. This is a great option for Enterprise business owners wanting to preserve cash flow and get an immediate tax benefit. Under Section 179, the vehicle must have a business use of at least 50 percent. The tax deduction cannot exceed the net taxable income of your business.