Hello everyone! I hope you all had a fabulous 2025 and have a safe and joyful time bringing in the New Year! I am going to start working a 1099 contract position that is going to require a lot of driving. I currently do not have a vehicle and will be buying one soon. 1. Since the vehicle will be be used mostly for work, with the Big Beautiful Bill, will I be able to take 100% depreciation for the total cost of the vehicle in year one, or what can l write off from the purchase in 2026? For Example, if the vehicle cost 40K, can I write off 40K or just the depreciation, gas, maintenance, etc? 2. Is my MAGI income for the Affordable Care Act after all business expenses are deducted (including insurance premiums)? 3. As a self employed/1099 person over 50 , what is the maximum amount l can put in an IRA to help offset my income calculated for MAGI for the ACA?

Hi everyone I am a new member here. Trying to learn tax strategies and keep my hard earn money with me to grow wealth. For me saving money from taxes is to give me freedom from w2 job, comfortable retirement and charity donations.

Looking to purchase rental/2nd home. Saving on taxes will help us accomplish paying down debt and affording properties.