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Updated October 23, 2023

Simplify tax season with your debit card

When tax season is approaching, the last thing you want to do is spend unnecessary time completing your returns. One way to streamline your process is by using a CBNA debit card for expenses throughout the year. Debit cards automatically track expenses, provide clear documentation, categorize all your activity, reconcile cash transactions, and help maximize tax deductions.

Streamline expense tracking and categorization

Debit card transactions are automatically categorized, a critical aspect of tax preparation. This feature comes in handy when you need to tally up various tax-related categories, such as business expenses, medical costs, tuition, or charitable contributions. With automatic categorization, you reduce the risk of human error and ensure that your tax reporting is precise and consistent—you might even find some overlooked deductions along the way.

Have documentation on hand

By using a debit card for your expenses, you have a reliable source of documentation readily available to ensure you’re in compliance with tax regulations. Debit card statements serve as proof of your expenses, providing a consolidated record that can be easily accessed and reviewed. With digital statements, you can avoid the hassle of searching for lost receipts—and in some instances, you might even have access to digital receipts as an additional layer of verification.

Avoid having to reconcile cash transactions

Reconciling cash transactions can be a time-consuming and challenging process at any time of the year—and especially during tax season. However, using a debit card for your expenses can eliminate the need for manual reconciliation, as it’s done for you automatically on each statement.

Increase your potential deductions

If you aren't manually tracking all your transactions throughout the year, you may miss an opportunity to deduct some expenses. This can happen if you use cash or a check to pay for something that qualifies for a tax deduction. If you need help maximizing your deductions, one of our tax-planning specialists at the Carta Group would be happy to help.

Lower your taxes by investing in your future

There are tax incentives for funding a Health Savings Account (HSA) or an Individual Retirement Account (IRA). Through Community Bank, you can easily set up and automatically contribute throughout the year by funding directly from your checking account. These transactions will also show up as categorized line items on your monthly statements.

Have a hassle-free tax season

Using your CBNA debit card to pay for expenses throughout the year ensures you’ll have everything you need right at your fingertips when it’s time to file your taxes. So even if you didn’t use your card for everything this tax year, start now to make your next filing as easy as possible. With a debit card, you can simplify expense tracking, enhance documentation, avoid cash reconciliation, increase deductions, and potentially lower your taxes—all while enjoying a hassle-free tax season.

We are committed to helping make sure you have all the tax-related support you need to file easily and maximize your return. If you have any questions or need assistance, contact your local branch or our Customer Care Center at 1-866-764-8638.

Explore our Financial Literacy Hub and our blog for content that helps you make money decisions confidently.

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