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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 577
Experience:  10 years experience
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Im using Turbo Tax Business This a first time

Customer Question

Hi Im using Turbo Tax For Small Business This a first time file for our new business.We are a S-corp. I have entered all the information as asked for but when I get to the balance sheet it doesn't balance. I can not figure what I am doing wrong. I have tried over and over again with the same result.
Submitted: 9 months ago.
Category: Tax
Expert:  emc011075 replied 9 months ago.
Hi. My name is ***** ***** I will be happy to help you. If you are required to file Schedule L - the balance sheet you often need to do book to return reconciliation, the schedule M1. Not all business expenses are also deductible for tax purposes. Things like depreciation or travel and entertainment expenses often need to be adjusted.
Customer: replied 9 months ago.

Aready Have done all that

Expert:  Stephen G. replied 9 months ago.
Another expert here................Are you an accountant or bookkeeper?What is the difference between your total assets vs the total of your liabilities + equity?
Expert:  Stephen G. replied 9 months ago.
Can you attach a copy of the Out-of-Balance Balance Sheet plus your 1120S, page 1?
Expert:  Stephen G. replied 9 months ago.
Are you still looking for our assistance or have you solved your problems?Steve G.