Your Visa Business Debit Card can be used for a wide range of expenses that qualify as business expenditures, helping you effectively manage and streamline your budget. Eligible expenses include office supplies, equipment, business lunches, and travel costs. Using your debit card for these transactions can provide significant benefits, such as necessary documentation for reducing tax bills. Additionally, by efficiently managing your business expenses, you might qualify for low-cost or even free healthcare options through Healthcare.gov
Vehicle Expenses: If you use your car for gig economy work, you can deduct the actual costs of operating the vehicle—such as gas and maintenance—or use the standard mileage rate established by the IRS. Don’t overlook expenses like lease payments, insurance, parking fees, and tolls. Explore more in the "Freelancer's Guide to Writing Off Car Expenses."
Home Office Expenses: If you use part of your home regularly and exclusively for work, you may deduct a portion of household expenses such as rent, mortgage interest, property taxes, utilities, repairs, and insurance.
Supplies and Equipment: Deduct the cost of materials or equipment used in your work that have a lifespan of less than a year. For items with a longer lifespan, the cost is typically depreciated over several years.
Professional Services: Deduct fees for services provided by professionals like lawyers, accountants, or gig economy-specific consultants.
Training: Deduct costs for work-related education, including seminars, workshops, courses, or other training.
These expenses must be necessary and ordinary for conducting your business to qualify as deductible. Always keep detailed and organized records of these expenses. Your Checkr Pay Visa Debit statement is an excellent resource for documentation.
Want to use payments received from your gig jobs for personal use? Utilize our withdrawal option with the Checkr Pay wallet to transfer funds to your personal banking account or debit card.
Here are some valuable resources online to explore:
- IRS: forms-and-associated-taxes-for-independent-contractors
- What tax write-offs can I claim? https://www.keepertax.com/free-resources
This content does not constitute tax advice. Please refer to IRS guidance and consult a tax accountant for advice.