So basically I am paid to buy stuff for companies E.G. Company A gives me $1k to buy 300k worth of goods and ship it to them, they then just pay my credit card directly 300k and me 1k.
In the past I would just report the total amount paid to me by company A (in this case $1k) as profit on a schedule C.
Is this an acceptable way of doing it?
Am I better off writing 301K in gross receipts and 300k in cost of goods (and having them cut me a check, deposit it into my biz checking then pay credit card)?
Technically here is a reimbursement no?
Any guidance would be much appreciated, TIA!