kallipederson6351 kallipederson6351
  • 30-12-2019
  • Business
contestada

The only income Ramon needs to report on his Schedule C is his income from Form 1099-K, Payment Card and Third Party Network Transactions.

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aaregbe
aaregbe aaregbe
  • 02-01-2020

Answer:

False

Explanation:

Ramon is a sole proprietor and he has the right to take the profits from his business after conducting all the necessary tax deduction. Therefore, on the Schedule C Report, he can also document the income/profit he made after removing the self employment tax. He doesn't need to document the income from the payment card and other sources of income.

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