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heatherrdixon6
New Member

Do I have to have a balance sheet and general ledger if I am sole proprietor?

 
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MichaelMc
New Member

Do I have to have a balance sheet and general ledger if I am sole proprietor?

A sole proprietor or single-member LLC, reporting business income and expenses on Schedule C (Form 1040) does not have to report a balance sheet as part of the tax return.

However, I hope you are keeping a good set of books for your business, for your own information and to provide information for sound management decisions. I would highly recommend Intuit's QuickBooks. It is easy to learn, does not take much of your time, and will provide you with tools for decision-making and growth of your business.

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MichaelMc
New Member

Do I have to have a balance sheet and general ledger if I am sole proprietor?

A sole proprietor or single-member LLC, reporting business income and expenses on Schedule C (Form 1040) does not have to report a balance sheet as part of the tax return.

However, I hope you are keeping a good set of books for your business, for your own information and to provide information for sound management decisions. I would highly recommend Intuit's QuickBooks. It is easy to learn, does not take much of your time, and will provide you with tools for decision-making and growth of your business.

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