TurboTax Self-Employed Expense Tracker - Track Self-Employed Expenses

TurboTax Self-Employed Expense Tracker

Track self-employed expenses year-round with TurboTax Expense Monitor

Connect to your financial accounts and we’ll turn your transactions into expenses. At tax time, all you have to do is import to get you every dollar you deserve.

Launch Expense Monitor

The TurboTax Self-Employed Expense Tracker is a feature within TurboTax Self-Employed that allows you to track your business expenses throughout the year. It automatically categorizes your expenses, making it easy to see where your money is going and ensuring you don’t miss any potential deductions.

Self-employment taxes made easier

How to use TurboTax Expense Monitor?

Log in to your TurboTax Self-Employed account. If you don’t have one, create an account and subscribe to the TurboTax Self-Employed plan.
Link your bank and credit card accounts to TurboTax to enable real-time tracking of your expenses.
As you incur business expenses, use your smartphone to capture receipts or manually enter expenses into the tool. TurboTax will automatically categorize these expenses.
Periodically review your expenses to ensure they are categorized correctly. You can reassign categories if needed.
Use the reporting feature to create detailed expense reports. These reports can help you monitor your spending and prepare for tax time.
During tax season, TurboTax will use the expense data to identify deductions, ensuring you maximize your tax savings.

How to Add expenses to your taxes?

Collect all receipts, bank statements, and records of your business expenses.
Organize your expenses into categories such as travel, supplies, meals, and utilities.
Use tax software like TurboTax to enter your expenses. The software will guide you through the process and help categorize them correctly.
Ensure you have digital copies or scanned images of all receipts in case of an audit.
Double-check your entries for accuracy before submitting your tax return.

Advantages for Self-Employed Individuals

Streamline expense tracking and tax preparation.
Minimize errors and ensure compliance.
Track expenses and make informed business decisions.
Simplify tax season with accurate expense tracking.
Ensure maximum refund with accurate deductions.

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