You can use Xero TaxTouch to track you business related income and expense if you choose to use either Schedule C-EZ or Schedule C.
Schedule C-EZ is the simplified version of Schedule C where you can report your business related expenses as one amount.
IRS states that you can use Schedule C-EZ if you have a profit from your business and:
your expenses are not greater than $5,000,
you have no employees,
you have no inventory, and
you are not using depreciation or deducting the cost of your home
For more information about Schedule C-EZ see the IRS web site Schedule C-EZ (Form 1040), Net Profit From Business