Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.
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If your total assets and total income is less than $250,000 then you do NOT have to complete schedule L on your 1120s tax return
Schedule L is basically your balance sheet per books, so what you do is just take your balance sheet and input that information into schedule L
You have two sets - you have beginning of the tax year, and the end of the tax year
Your beginning balance sheet would them be last year's ending balance sheet
The current year would be your year end balance sheet
I need to know what i put in what boxes, i have a checking acct, i also have a license that is very valuable, and i have vehicle
The checking account would go on line 1
the license would go on line 13a and any amortization of that license would go on line 13b
and the vehicle would go on line 10a
what other accounts do you have that you need help placing in the form?
one secord im getting my self together
ok 13b has column a and column b
In 13b you enter in the amortization amount in column a. In column b, you take the license and subtract out the amortization and put that amount in that area.
Same for your vehicle. You will enter depreciation on line 10b column a, then take the value of the vehicle less the depreciation and put that in column b
Do you have any more accounts you need help placing in the schedule?
yes im doing it so that i understand please hold thanks
if my vehicle is listed on 4562 do i still put them here, they are being depreciated on 4562
Yes, you still put that here - you are just stating the book value of your asset here
the second part liability and shareholder equity
i have a loan on the licence, i am 100 owner
you would put that in "other liabilities" line 21
please tell me what to do in the liability section step by step thanks
i have a valuable lic, and a loan on it
the outstanding loan balance?
ok what about other columns
no more liabilities
i have stock, what is retained earnings?
I own 100 percent and i think there is 200 hundred shares outstanding
how would i do that?
is there a formula or a procedure? , can i leave that out
good, what next?
lines 16-27 nothing else to go on these?
i dont know its value?
ok thanks so much let me finish today and ill get back asap, thanks again and you've been great
i will soon thanks
Hey Mike You can still ask questions, were just moved to a different format. Please feel free to continue below. Once finished please rate my response as excellent so that I may receive credit for assisting today
Also, Mike you're going to need to figure your retained earnings. What these are is your net income that has not been disbursed to the shareholder. So, whatever earnings you keep in the company that's the retained earnings. I can't help you calculate this - if you needed help calculating you would have to take all your records to a professional and they would have to sift through all your records. There is a quick and easy way. Take your total assets and subtract out your liability and subtract the value of your stock. Use that as your retained earnings figure to keep your balance sheet in balance. It's not the technically correct way of doing it. You would need a professional to complete that for you to do it correctly.