Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I am having issues making my balance sheet balance for 2017…

Customer Question
Hi. I am...

Hi. I am having issues making my balance sheet balance for 2017 S corp tax return

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I have a single shareholder s-corp

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Got me beat,. Using Turbo Tax for business and it's driving me up a wall

Submitted: 1 month ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 2 hours by:
3/14/2018
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 month ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,008
Experience: 35 years tax experience, including four years at a Big 4 firm.
Verified

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

Ask Your Own Tax Question
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 month ago

Some software, like Turbo***, can create balances, for, say, retained earnings, to make the balance sheet balance. Or depreciable assets less accumulated. Here's what we do when we're stumped.

First, go to your trial balance and try to identify the specific line item that is off. But, let's say you didn't do a trial balance, but you know the taxable income is correct.

If it's not major, we put the plug number in shareholder loans. It's a non-tax item, and many errors like inventory will reverse next year, which could clean this up.

Thanks for asking at Just Answer. If this meets your needs, positive feedback, five stars please, is appreciated. I'mCustomer

Ask Your Own Tax Question
Was this answer helpful?
Ask PDtax Your Own Question
PDtax
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,008
5,008 Satisfied Customers
Experience: 35 years tax experience, including four years at a Big 4 firm.

PDtax 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

1,338 satisfied customers

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

Richard

Richard

Tax Attorney

4,451 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

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

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 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
I have filed my 2017 return through turbo-tax which was
I have filed my 2017 return through turbo-tax which was accepted by the IRS. I underestimated my health care supplement by $7,000. I paid that in my return & if I opened an IRA for $5,000.00 how would… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I was using Turbo Tax. It was getting late and I had not
I was using Turbo Tax. It was getting late and I had not finished. I typed SAVE to save my return until the next day, Just before shutting down a little bit later I received an email from Turbo Tax sa… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
Turbo Tax is asking me for "8824: 100% depreciation" of a
Turbo Tax is asking me for "8824: 100% depreciation" of a business vehicle that was totaled. I'm not sure what they are looking for, here. … read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
10 satisfied customers
I E-filed my return with Turbo Tax Saturday, Apr 14. How do
I E-filed my return with Turbo Tax Saturday, Apr 14. How do I verify the IRS has received my return? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
VA income tax return form 760, Line 16, “ Taxable Income -
VA income tax return form 760, Line 16 , “Virginia Taxable Income - Subtract Line 15 from Line 9” what are the two bubbles “DTD” and “LTD” ? Should I fill in one ?… read more
PDtax
PDtax
Certified Public Accountant (CPA)
5,008 satisfied customers
Client Business return - Shareholder Loan or Capital
Client Business return - Shareholder Loan or Capital Contribution. Scorp return. Already had a shareholder loan to the company of $40K from prior year/prior preparer when company started. No loan pape… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Are you associated with turbo tax. Is there a charge for
is there a charge for this chat since this is what came up under turbo tax … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
The last return I filed was 2014 using Turbo tax. What do I
the last return I filed was 2014 using Turbo tax. What do I need to do to file my past returns? I am on disability but make minimal income reported on 1099 forms. … read more
abci168
abci168
Principal
27 satisfied customers
I am filing a final 1120S return. The only asset is an auto
I am filing a final 1120S return. The only asset is an auto with a depreciated basis equal to the fair market value, and this auto is being transferred to the shareholder who made the loan. A sharehol… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
The tax return software I used last year sent me a copy of
The tax return software I used last year sent me a copy of my 2016 return so i could get the AGI...but in checking it closer after 2017 return was rejected, I find that the dollar amounts on 2016 and … read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
10 satisfied customers
I filling my tax return from turbo tax. At final, I was
I filling my tax return from turbo tax. At final, I was asked my last year AGI, I m unable to answer due to I lost my document . How should I do? … read more
abci168
abci168
Principal
27 satisfied customers
What forms are needed with my tax return. Turbo Tax printed
What forms are needed with my tax return. Turbo Tax printed about 50 sheets and I have not been able to figure out which sheets are needed besides the four tax return forms are necessary. I believe Sc… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
I electronically filed my 2017 return using Turbo Tax.3
I electronically filed my 2017 return using Turbo Tax.3 weeks later the IRS sent me a letter saying they were reviewing my return. I haven't received any further notice from them and can't get a live … read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
828 satisfied customers
I filed my tax return (e FILED) with Turbo tax on 2/19/18. I
I filed my tax return (e FILED) with Turbo tax on 2/19/18. I cannot find out any info about the status of refund. Can you help? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
How can I download Turbo Tax software I purchased from
How can I download Turbo Tax software I purchased from Intuit on Feb.1,2018, order #E519760410 … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
I need to verify that my tax return was filed by Turbo Tax.
I need to verify that my tax return was filed by Turbo Tax … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
Cannot e file my tax return checked for update. Turbo tax
cannot e file my tax return checked for update JA: What device or product does this involve? Customer: turbo tax home and business JA: What Operating System (OS) are you running on your computer or de… read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
125 satisfied customers
An S Corporation & its 2 shareholders are selling the assets
An S Corporation & its 2 shareholders are selling the assets of the Corporation. The Corporation provides corporate credit card processing services and its primary assets are the contracts with its cu… read more
Carter McBride
Carter McBride
LLM
966 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