Tax Deductions On A Cadillac Escalade
So you are considering buying an all new Cadillac Escalade for yourself?
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Well, in that case money is going to be the biggest reason of your concern. And why not, after all you are talking of a full sized SUV that does not come for a few easy bucks. You surely would be spending a considerable big fat amount on the king sized SUV. You surely may be spending a hefty amount on your Cadillac Escalade but you can still manage to save.
Amused? Don’t be. You may not get a considerable discount on your Cadillac Escalade but you can surely get tax deductions on the same. If you are a small business you are entitled to deduct up to $125,000 worth of new and preowned SUV, in the first year of its usage. This tax deduction law falls under the Section 179 depreciation deduction. So even when you buy your all new SUV you can cut down both your federal income tax and your self employment tax bills too.
However there are certain conditions that you need to fulfill if you want to be entitled to this tax deduction. One of them being that more than 50% your car needs to be in use for your business. If you are able to fulfill this condition then you would be very well entitled to tax deductions on your Cadillac Escalade. So what are you waiting for? Go ahead and get saving on your luxurious SUV.
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