I need help with my business taxes

[MinhT1]

Please clarify and be more specific so we can help.

[bizhanshaban321]

There two entry errors on balance sheet. 

1 Entry Error: Form 1065 p4-5: End of year Difference -  The ending balance sheet is out of balance by $2963.00

2 Entry Error:  Form 1065 p4-5: Begin of year Difference -  The Beginning balance sheet is out of balance by -12000.00

I'm really lost at this point. Please help thank you

[AbrahamT]

First thing you have to do is to make sure that your ending balances from the previous year is carried to to beginning balances of the current year. It sounds like some number is off or something. That will resolve 120,000 of the ending  balances of the current year. Then check your financial statements  to make sure that all your debits and credits flow through to the input properly and see what happens. From what you are telling me, I have limited information as to how to go clarify this further.

[bizhanshaban321]

This is my initial return. It's my first year filing taxes. Is there any way you can get in touch with me and fix this problem so I can share my screen with you? Thank you

[AliciaP1]

If this is your initial return, then your business was not in operation in the previous year and your beginning balance sheet should all be 0.  Also, the tax form populates your end-of-year Retained Earnings from your income and expenses that you entered and your Fixed Assets/Accumulated Depreciation from your asset entries so you do not need to overwrite those amounts.  

Unfortunately, we cannot review your specific return within the public forum.  If you cannot resolve the issue you may need to contact a tax professional in your area.

@bizhanshaban321