Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Trying to figure out on Schedule L 1120s the things that may…

Customer Question
Trying to figure out on...
Trying to figure out on Schedule L for my 1120s the things that may qualify as Other Liabilities
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 1 minute by:
1/27/2016
Tax Professional: Mark D, Enrolled Agent replied 2 years ago
Mark D
Mark D, Enrolled Agent
Category: Tax
Satisfied Customers: 1,342
Experience: MBA, EA, Specializing in Business and Individual Tax Returns and Issues
Verified

What liabilities do you have on your balance sheet?

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
586 Satisfied Customers
Experience: 10 years experience

Wallstreet Esq. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,342 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
If I have take money out of my business bank and deposit to
If I have take money out of my business bank and deposit to my personal. Where should I report it on schedule L 1120s … read more
Cole Parker
Cole Parker
Principal/CPA
Bachelor\u0027s Degree
112 satisfied customers
Catching up on old corp taxes for a company that was
Catching up on old corp taxes for a company that was breaking even... if these related questions should be broken up separately, please advise Delaware C Corp operating in California. 2011 California … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I need help with filling out form 1120S..I did most of
I need help with filling out form 1120S..I did most of it..but need some help with schedule L.. … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,410 satisfied customers
Looking at tax returns where I'm missing the actual
Looking at tax returns where I'm missing the actual k-1's, and I'm trying to figure out how much I received (as opposed to losses and income). The actual dollars received. I have all my old returns. I… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
I am back again with a question. I am trying to report the
Stephen, I am back again with a question. I am trying to report the close out of the S Corp for 2015. On the 1120S, block 12, taxes and licenses, can the estimated taxes paid for 2015 to the state of … read more
Mark D
Mark D
Enrolled Agent
1,342 satisfied customers
I need help with filling out Schedule L, M-1 and M-2 on my
I need help with filling out Schedule L, M-1 and M-2 on my 1120S. I am a 100% shareholder in S corp with total receipts for the year over $250K. Up until 2014 I would always “zero out” my balance shee… read more
Expert
Expert
When I put the correct amounts on Sch L of 1065, the M-2 comes
When I put the correct amounts on Sch L of 1065, the M-2 comes up out of balance. I'm thinking it's the beginning balance..Is there a legitimate adjustment to make it balance since I didn't do the boo… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
My balance sheet generated in Quickbooks, in addition to listing
My balance sheet generated in Quickbooks, in addition to listing my Capital Stock, and my retained earnings, lists a negative equity amount as part of satisfying the Assets = Liabilities + Equity. I w… read more
Shane-CPA
Shane-CPA
CPA, PFS, CGMA
1 satisfied customers
I am reviewing my corporate taxes (1120 S) for the 2008 and
I am reviewing my corporate taxes (1120 S) for the 2008 and 2009 and preparing to file for 10,11, and 12 (I'm the sole stockholder). I see an error on my 2008 1120s Schedule L that records a long term… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
If a client owns a trucking company and made about $400k ,
If a client owns a trucking company and made about $400k , what is the best way to bring down his deductions for earned profit? Is it only cost of goods to bring him under $250 K? If so what is the di… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
I didnt do a balance sheet last year for an 1120s return because
I didn't do a balance sheet last year for an 1120s return because the receipts were less than 250K so schedule L wasn't required. This year the receipts are over 300k...... Im using Turbo Tax business… read more
gregmey
gregmey
Financial Planning Associate
Bachelor's Degree
20 satisfied customers
On my 1120S Schedule L, Im trying to account for the $7 in
On my 1120S Schedule L, I'm trying to account for the $7 in sales tax my S Corp collected from a customer in 2010 that was paid in 2011. (The remainder of our few in-state sales were tax-exempt.) For … read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I understand that an s-corp with sales and assets of less than
I understand that an s-corp with sales and assets of less than $250k need not fill out schedules L and M-1 on 1120S. What about schedule M-2? Is it required in this situation? What about the Wisconsin… read more
socrateaser
socrateaser
1,031 satisfied customers
Hi John, Could you please help me with schedule L on form
Hi John, Could you please help me with schedule L on form 1120? What is a purpose of this form ? if i answer "yes" on line 8 of schedule N do I still have to fill out schedule L? what those (a) (b) (c… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
For Schedule L under Form 1120s, should I put SEP contributions
For Schedule L under Form 1120s, should I put SEP contributions (next year's) under Mortgages, Bond, Notes due in the next year? If not, where does it go? Does it even need to be noted there if we alr… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
how does an increase or decrease in a corp. return 1120s of
how does an increase or decrease in a corp. return 1120s of schedule L line 7 and line 20 adjust in amount of taxes due?… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
1120S Page 1 - Field E (Total Assets) where is this figure
1120S Page 1 - Field E (Total Assets) where is this figure coming from and how is it being calculated (taking into consideration that Schedule L is empty). Also where does line 13 Interest comes from … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
My 2007 1120S did not include $37 on Schedule L line 18 for
My 2007 1120S did not include $37 on Schedule L line 18 for credit card payable. I am preparing the 2008 1120S and cannot get Schedule L to balance. What entry do I need to make to correct this?… read more
Bizhelp
Bizhelp
Certified Public Accountant (CPA)
Bachelor's Degree
638 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x