Please let me know if I have to report business income on Schedule C and let me know if I should report business income (online payments) under General Income.
I am Sole Proprietor of a mobile food catering business (business code 722300) that I am trying to grow with sales under $20K for the calendar year 2021, but with over 200 transactions using Square POS (point of sale). According to Square, I did not qualify to receive tax form 1099K since I processed less than the qualifying amount. So, I am not sure if I should report business income under General Income without tax form1099K.
Please also let me know if I have to report Cost of Goods Sold (cost associated with what I am selling). According to Turbo Tax (Home and Business edition), this type of business does not require an amount for COGS. I am confused if I should enter an amount for COGS.
Lastly, I travel around purchasing food items/meals for new ideas to add to my menu. Please let me know where in Schedule C to report this amount and if I can report 100% amount of this food research.
