Business & farm
You can skip the Balance Sheet section if:
- Total business income (before deductions) is under $250,000; and
- Your business is not filing an Alabama, Connecticut (non-partnership), District of Columbia, Georgia, Kentucky, Louisiana, Massachusetts, Mississippi, New Jersey (non-partnership), New York, North Carolina, Oklahoma, Pennsylvania, South Carolina, or Tennessee return; and
- Corporation year-end assets are under $250,000 or partnership/LLC year-end assets are under $1,000,000.
Check the Yes box on Form 1120S p1-2 Line 11:
You may need to review your answers to the questions under Federal Taxes >> Balance Sheet to change this answer to "Yes."
