As a business owner, taking advantage of every opportunity to save money and reduce your tax burden is important. With the new tax laws taking effect this year, purchasing the right vehicles for your company fleet can provide significant deductions. Clark Cadillac of Pinehurst, located at 35 Dundee Road in Pinehurst, NC, has the perfect Cadillac vehicles to maximize your tax benefits.
Deduct Up to 60% of Purchase Price on Qualifying Vehicles
Starting in the 2024 tax year, both large and small businesses may be eligible to deduct up to an impressive 60% of the purchase price on qualifying vehicles. This means substantial savings for your business when the next tax season rolls around. While you're in Hoffman or driving through Hope Mills, consider how much your company could benefit from these deductions on a dependable Cadillac vehicle.
Claim Up to $20,400 Per Vehicle on Select Cadillac Models
Several popular Cadillac models are eligible for deductions of up to $20,400 per vehicle purchased for business use in 2024. This includes the sleek CT4 and CT5 sedans, perfect for business travel and client meetings. The versatile XT4 crossover also qualifies, offering both style and practicality for your company. If you're near Pinebluff, stop by Clark Cadillac of Pinehurst to see these models in person.
Save Up to $30,500 Plus 60% on Larger Cadillac Vehicles
For larger Cadillac models, the deductions are even more impressive. Business owners in Aberdeen can claim up to $30,500 per vehicle, plus 60% of the remaining purchase price, as well as the standard depreciation deduction on the following vehicles:
- Escalade and Escalade ESV full-size luxury SUVs
- XT5 and XT6 mid-size crossovers
- OPTIQ, LYRIQ, and Escalade IQ luxury electric vehicles
Qualify for a $7,500 Tax Credit on Electric Vehicles
In addition to the deductions, businesses that purchased qualifying electric vehicles in 2024 may also be eligible for a federal income tax credit of up to $7,500. With Cadillac's innovative electric offerings like the OPTIQ, LYRIQ, and Escalade IQ, your business can not only save on taxes but also benefit from the pioneering technology and eco-friendly features of these vehicles.
There's never been a better time to upgrade your company's fleet with the prestigious quality and reliability of Cadillac vehicles. Visit Clark Cadillac of Pinehurst at 35 Dundee Road in Pinehurst, NC to explore the models that will provide your business with the most advantageous tax deductions for the 2024 tax year. Our knowledgeable staff is ready to help you make the best choice for your company's needs and budget.
