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Track expenses, mileage, and tax deductions
Log business expenses and mileage, attach receipts, and export a Schedule C tax summary to make tax prep easier.
Expenses and taxes live on the Earnings, Expenses & Taxes tab of your Home page. Expenses & Ledger lets you record every deductible business cost, including mileage at the standard rate, with receipt uploads and recurring entries, for free. Taxes & Schedule C, part of OneTerp Premium, turns that into a Schedule C summary and a tax CSV.
Step by step
- 1Click "Home" in the sidebar, open the "Earnings, Expenses & Taxes" tab, then choose "Expenses & Ledger" in the row underneath.
- 2Log an expense by entering the date, category, and amount; mark it recurring (monthly or annual) if it repeats.
- 3Optionally upload a receipt image or PDF, and link the expense to a specific job.
- 4Set your mileage rate once, using the link to the current IRS figure, then enter the miles driven and the deduction is worked out for you.
- 5Switch to "Taxes & Schedule C" to see the Schedule C summary of gross income, deductions, and estimated net.
- 6Click 'Download CSV Export' to save a tax-prep file; re-download any past export from Export History.
Tips
- Recurring expenses are projected across the period you're viewing, so a monthly cost shows up for each month automatically.
- Deleting one occurrence of a recurring expense removes the whole series, you'll be warned first.
- The summary and export are labeled 'Estimate for prep only, not tax advice'; confirm figures with your tax preparer.
- All your expense records are private to your own account.
- The rate you set is stamped onto each entry as you save it, so changing it later never rewrites what you already logged. If a rate changed part way through the period you are looking at, the totals show a range rather than one figure.
- Your rate is yours to set, so check it if you set OneTerp up a while ago. It does not update itself when the IRS publishes a new figure.
- The Schedule C summary counts agency work by how you are paid there. Jobs you are paid for individually count as self-employment income; wages from an agency where you are W-2 staff do not, because those belong on a W-2 rather than a Schedule C.
- A late cancellation that still paid you is counted, even though there is no completion paperwork behind it.
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