Accounting and Consulting
The new “No Tax on Social Security” law really is just an extra 6K deduction for taxpayers aged 65 or older. Any taxpayer aged 65 or older gets an extra 6K deduction on top of their standard deduction or itemized deduction as long as their total income is below a certain amount. If the tax return is joint, and both spouses qualify, then each spouse would get this extra 6K deduction.
Due to a recent law change, you can again now deduct 100% of the cost of your new or used truck or SUV with a gross vehicle weight rating of 6,001 lbs or more used for your self-employed business. To maximize the deduction, buy it near the end of the year to ensure it is very near 100% business-use. In order to avoid recapturing the large depreciation deduction in future years, be sure to maintain business-use of 50% or more of the vehicle for the first 5 years of ownership.