How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask PDtax Your Own Question
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4093
Experience:  35 years tax experience, including four years at a Big 4 firm.
64119565
Type Your Tax Question Here...
PDtax is online now
A new question is answered every 9 seconds

I am filing business taxes on my own , i have already filed

This answer was rated:

I am filing business taxes on my own , i have already filed extension i am having problem with balance sheet ,
i am using Turbo Tax Business 2012
I have successfully filled Income section and deductions properly
I am having problem with Balance Sheet and not able to proceed further
when i begin the Balance sheet section
here are the steps
1)Enter Total Cash Beginning of year =$46900
End of Tax Year=$9870
2)Do you have nay Accounts receivables= NO
3)Loans to share holders
beginning of year =$32000
end of year=$0
3)Land
enter the original cost of land the corporation owned
beginning of year=$0
end of year=$0
4)buildings and other depreciable assets owned
beginning of year=$0
end of year =$0
accumulated depriciation
beginning of year=$0
end of year=$0
5)intangible of assets
beginning=$0
end =$0
6)any other assets
nill
7)Total assets
$9870

8)Accounts payable
My question is beginning of year
i have generated salary for 2 employees
$26666.67
can i put this as end of year $26666.67?
9)Loans from shareholders is $32000
end of year is 0
10)other liabilities
$24324 (these are taxes for 2011 for federal and NJ)
Capital stock
0
0
Adjustments to shareholders
no the corporation does not have any adjustments to shareholders
11)based on the numbers entered total liabilities $39,307

In review beginning section
Total Biginning assets
$78900
Total biginning liabilities $56,324
I am seeing Balance sheet out of balance
beginning of tax year $22,576
end of tax year -$29337

can any one help me

PDtax :

Welcome to the site. I will be helping you today.

PDtax :

going to Q & A for assistance...

I will assist today.

As long as you have a balance sheet from last year that balances, we should be okay. If that doesn't balance, start with your copy from last year. If you printed one, best. If not, pull it up from last year's TurboTax.

For the end of year balances, if cash is the only asset, that's easy. Cash and total assets are 9870.

Liabilities at year end: do not claim employee salaries as liabilities. Liabilities at year end should be 0.

If you paid your 2011 Federal and NJ taxes, the tax liabilities at year end should be $0.

Stock balance won't change from year to year.

Retained earnings will be last year's balance plus earnings.

If you follow this outline, your balance sheet will be well on the way to balancing.

Please advise if you can reproduce the balance sheet from the prior year, and your draft of what you have so far, and I can offer more pointed advice.

PDtax
PDtax and 3 other Tax Specialists are ready to help you

Related Tax Questions