Elizabeth Broughton

I am starting a 1099 opportunity. I will be using a vehicle to drive a lot of miles for this role. I am wondering for tax purpose if it is smarter to lease a vehicle or to purchase a vehicle? Either way, would it benefit me to purchase a vehicle that is made in the United States?

New comment 3h ago

Elizabeth Broughton

0 likes • 4d

I am pretty sure I would purchase if you are self-employed. With the Big Beautiful Bill, a new car purchase can be a huge tax deduction, if certain criteria are met. It has to be built/made in the US.

Elizabeth Broughton

4d •

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Tax hit with 401K-Roth IRA conversion

When is the deadline (for 2025 tax year) to convert 401(k) pre-tax funds to a Roth IRA and pay taxes on it at the tax rate based on my 2025 adjusted income? With my income being lower this year it would be ideal to complete this process for 2025 tax season, since I’ll be taking a tax hit. I wasn’t sure if the deadline would be December 31 or if it would be April 15, 2026.

New comment 4d ago