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Category: Finance
Satisfied Customers: 4515
Experience:  Tax professional and business consultant for 35 years.
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I'm a sole proprietor preparing balance sheets. I expense

Customer Question

I'm a sole proprietor preparing balance sheets. I expense business use of home, mileage deduction for use of vehicle for business, and have a common account for all of my personal and business income/savings. How do enter my mortgage, auto, and balances in a balance sheet, or in an Owner's Capital statement?
JA: The accountant will know how to help. Is there anything else important you think the accountant should know?
Customer: How do I get with the online accountant to get advice?
Submitted: 8 months ago.
Category: Finance
Customer: replied 8 months ago.
I'm having to put together 2 years' statements, and have never had to make them before. I'm needing clear enough answers to know how to be certain that my balances for the years make sense - how to make sure I enter them and balance things correctly.
Expert:  PDtax replied 8 months ago.

Hi from Just Answer. I'mCustomer and can assist.

Expert:  PDtax replied 8 months ago.

Please advise what entity you need to report on ZX CV your business or yourself personally.

Once I know what you need, I will post an offer to assist, as this will take more than the amount deposited.

Customer: replied 8 months ago.
I'm just a small consultant with self-employed income, no ZX or CV. I'm having to know if I need to include my own personal home, mortgage, auto, auto loan, since I use expense on schedule C? I have started income statements, balance sheets, and Owner's Capital statements, and am needing to know to make sure nothing is left out that is usually/typically included for simple sole proprietor 1099 consultants.It's just a very simple question of what to include and what to be sure of for complete documents, based on typical situations of other sole proprietorships. If it's not possible to supply adequate answer within budget I was given, then I just need a refund.
Expert:  PDtax replied 8 months ago.

Since all you need to know is what to put in your sole proprietor financials, I can assist with that for the price posted.

Don't include things your business posts you to use, like a home office or business use of your personal car. No mortgage debt or car loans.

Expert:  PDtax replied 8 months ago.

The asset side should be just for things you purchased for the business. No self created value for customer lists. Liabilities are just business debts. Equity is the difference between the two.

Your tax reporting should agree with the income statement you present. To the dollar.

Thanks for asking at just answer. Positive feedback is appreciated to rate my assistance. I'mCustomer