Cadillac Section 179 Tax Deduction near Armonk, NY
If you need a new vehicle for your business, you'll want to know about the benefits of the Section 179 tax deduction, which is available to commercial customers for qualifying new and used vehicle purchases. This popular tax deduction was created to help small- and medium-sized businesses invest in themselves by providing a tax-advantageous way to buy a car, truck or SUV for their operations. So long as you put your qualifying new Cadillac into service by the end of day on December 31, 2024, you may be able to claim a Section 179 deduction and reduce your taxable income. To learn more about which models for sale on our lot qualify for these savings, stop by our Cadillac dealership near Armonk today.
Which Cadillac Vehicles Does Section 179 Apply To?
Most new Cadillac cars and SUVs qualify for partial Section 179 tax deductions. To verify which models are eligible for 2024, please reach out to our nearby Cadillac dealership and discuss with our auto sales and finance teams. No matter whether you're looking to buy an XT5 or CT4 for your business, it's important to ensure that you heed the eligibility requirements laid out by the IRS, which require an in-service date by December 31, 2024, and a minimum of 50% business usage. Please speak to our team for more details, and don’t forget to discuss with an accountant how claiming Section 179 savings can affect your business tax return.
What Are the 2024 Section 179 Deduction Limits?
The Section 179 tax deduction applies to commercial vehicles, SUVs, trucks and other models based on certain weight and design requirements. Keep in mind that many light-duty passenger vehicles and even used cars near Armonk can be eligible for a partial deduction, so long as they are used for business purposes at least 50% of the time. The maximum 2024 thresholds for passenger vehicle Section 179 deductions include:
- Cars: $11,160 (including Bonus Depreciation)1
- Trucks & Vans: $11,560 (including Bonus Depreciation)1
- Certain SUVs between 6,000-14,000 pounds: $25,000 (including Bonus Depreciation)1
It's also important to note that Section 179 does not limit the number of qualifying vehicle purchases a business can make during the calendar year. Rather, the IRS has established certain limits governing the total dollar figures a company can claim under Section 179 deductions before this tax benefit begins to be reduced on a dollar-for-dollar basis. The total 2024 Section 179 limits are as follows:
- 2024 Deduction Limit: $1,220,0001 -- valid on new and used equipment (must be new to the buyer).
- 2024 Spending Cap: $3,050,0001 -- the max amount that can be spent on equipment before the Section 179 tax deduction begins to reduce on a dollar-for-dollar basis.
- 2024 Bonus Depreciation: 100%1 -- generally taken after the Spending Cap is reached, valid on new and used equipment.
Buy a New Cadillac near Me
Ready to buy a new or used Cadillac near Armonk for your business? Just contact Mount Kisco Cadillac. Our Cadillac finance experts are here to help you understand the various Section 179 benefits that you may want to take advantage of. If you think it's time to class up your operations with a new Cadillac in Mount Kisco, give us a call today.
1Information accurate at date of publishing. Refer to https://www.section179.org for most up-to-date specifications.