What kind of business entity did you set up? Are you a LLC or Corp or Partnership? Are you trying to fill out a business tax return? Like a 1120, 1120-S or 1065? The first year you should go to a local accountant or tax place to see what you need to do and get it setup right.
Or are you just a sole proprietor or self employed or a Single Member LLC that is not a S Corp? Then you file it on Schedule C in your personal tax return and don’t need to do a balance sheet. Did you buy the separate Turbo Tax Business program?
