Your Visa Business Debit Card can be utilized for a wide range of expenses that qualify as business expenditures. This can help you manage and streamline your budget effectively. These expenses can include anything from office supplies and equipment, to business lunches and travel expenses. Using your debit card for such transactions can lead to significant benefits such as documentation needed for reducing tax bills. Not only this but by efficiently managing your business expenses, you might also qualify for low-cost or even free healthcare options. Healthcare.gov
Remember, your Visa Business Debit Card is more than just a payment method — it's a tool to manage and optimize your 1099 financial health!
Vehicle expenses: If you use your car for your gig economy work, you can deduct the actual costs of operating the vehicle, like gas and maintenance, or use the standard mileage rate established by the IRS. Don’t forget things like lease payments, insurance, parking fees, and tolls. freelancers-guide-to-writing-off-car-expenses
Home office expenses: If you use part of your home regularly and exclusively for your work, you may be able to deduct a portion of your household expenses such as rent, mortgage interest, property taxes, utilities, repairs, and insurance.
Supplies and equipment: The cost of any materials or equipment you use in your work that have a lifespan of less than a year. For longer-lasting items, you often have to depreciate the cost over several years.
Professional services: You may be able to deduct fees for professionals like lawyers, accountants, or gig economy-specific consultants.
Training: Costs for work-related education, including seminars, workshops, courses, or other training.
These expenses must be necessary and ordinary in the conduct of your business to be deductible. Remember to always keep detailed and organized records of these expenses. Your Checkr Pay Visa Debit statement is an excellent tool for this!
Here are some great resources online to check out:
What tax write-offs can I claim? https://www.keepertax.com/free-resources
This content does not constitute tax advice. Please refer to IRS and tax accountant guidance.