Question

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.

Answer 1

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.