LOOK FORWARD TO TAX SEASON

Small Business Owners: You could qualify for a 2023 Tax Deduction of up to 80% of the purchase price.

Running a business comes down to your bottom line and now you can make yours even stronger. All passenger automobiles can qualify for a deduction of up to $20,200 while certain larger vehicles may qualify for a deduction equal to the full purchase price. Consult your tax advisor for tax implications and savings opportunities. With these new tax depreciation laws, you can save next tax season on the vehicles your business purchases today. There’s never been a better time to add the quality and dependability of Cadillac vehicles to your fleet.

Individuals, businesses and tax-exempt organizations that purchase a qualifying electric vehicle may also qualify for a federal Clean Vehicle or Commercial Clean Vehicle income tax credit of up to $7,500 for a LYRIQ placed in service in a trade or business during 2023.

Taxpayers may be entitled to U.S. federal income tax deductions and/or credits for purchases of vehicles that are placed in service in a trade or business during 2023. Determining the proper income tax treatment of any vehicle purchase requires careful consideration of several factors including, but not limited to, the applicable tax laws, regulations and guidelines, the characteristics and attributes of the particular vehicle purchased and the purchaser’s income tax situation. Each purchaser’s tax situation is unique and the available tax benefits and the applicable federal tax laws, regulations and guidelines are subject to change without notice. Therefore, customers must consult their tax advisor to determine the proper tax treatment of any vehicle purchase(s). For more information, visit www.irs.gov. This advertisement is for informational purposes only and should not be construed as tax advice or as a promise of availability or amount of any potential tax benefit or reduced tax liability. For more info visit gmfleet.com/tax.  Individuals, businesses and tax-exempt organizations that purchase a qualifying electric vehicle for use in a trade or business may qualify for a federal Qualified Commercial Clean Vehicle income tax credit of up to $7,500. For more information, visit https://www.irs.gov/credits-deductions/commercial-clean-vehicle-credit. Individuals who purchase a qualifying electric vehicle for non-business use may qualify for a federal Clean Vehicle income tax credit of up to $7,500, subject to additional restrictions. For more information, visit https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after. Consult your tax advisor to determine the proper tax treatment of any vehicle purchase(s) including, without limitation, which vehicles qualify, the amount of the available credit, how to claim the credit, how claiming a credit may impact other tax deductions and/or tax credits and for additional restrictions and limitations. Clean Vehicle and Commercial Clean Vehicles tax credit amounts, eligibility requirements and other requirements, restrictions and limitations are subject to change without notice.