[Track] Using Expensify to file self-employed expenses with online tax software

StephSteph Posts: 27 Expensify Success Coach
edited April 23 in Deep Dives

Are you using Expensify to track your self employed expenses so that you can use a tax program to file online? If you’re a contractor, freelancer or sole proprietor, you can use Expensify to prepare your expenses to enter into any tax program like TaxSlayer, H&R Block and CreditKarma.

Here’s how:

Select Track in the Expensify Inbox

If you’re self-employed, you’ll want to use Expensify’s Track plan in order to document your business expenses. The Track plan will populate your account with expense categories that match up to the categories on the IRS Schedule C. You’ll be able to apply these categories to your expenses to quickly and easily generate end-of-year totals. You can learn about getting started with tracking your self employed expenses on the Track plan here.

Create your account with your favorite tax program

Follow the steps to create your account with the tax program. This will vary based on the program you’re using, but you’ll need to verify your personal information to get started with filing.

Choose the Self-Employed plan

You’ll want to be sure to choose the best plan for your needs based on the tax partner you’re using. If you’re using TaxSlayer, H&R Block or Credit Karma, you’ll want to choose the Self-Employed (or 1099) plan to get started.

Use Expensify to generate totals for the Schedule C

If you’re using the Track plan in Expensify, your categories will match the categories in the IRS Schedule-C. That means you’ll be able to plug them right into your favorite tax software. Generate your end-of-year totals by following these steps:

  1. On your Expenses page in your Expensify web account, click the pie chart icon in the upper right corner to go to the Analytics view.
  2. Enter the dates for the tax year at the top of the page to generate totals
  3. Scroll down below the pie chart to view the expense total for the given date range in each category

Looking for step-by-step instructions to generate expense totals? Take a look at this guide.

Enter the category totals into the tax program

Once you have the list of expense totals, filing is as simple as entering them into the tax program. Simply plug them right into the form!

To finish filing, you’ll want to follow the prompts in your tax program to enter additional information, deductions, and payments - these steps will depend on your business and the tax program you’re using.

Heads up: If you’re not using a tax program, you can also use the totals to complete the IRS-Schedule C directly! You can find a guide here.

If you want to learn more about how you can use Expensify to track your business spend, organize and label expenses, and generate totals for end-of-year reporting, check out the Self Employed Webinar - you can view a pre-recorded session here!

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