Me and a partner just started a small business last year. We have not taken any dispersals because we are not making money yet. My balance sheet will not balance and I cant figure out why. Please HELP!
Information from Schedule L in Turbotax Business:
Beginning of tax year:
Buildings and other assets: $39,908
Accumulated depreciation: $16,348
End of Year:
Buildings and other assets: $39,908
Accumulated depreciation: $23,441
Total Assets: Beginning of year: $23,560; End of year: $16,467
Loan from shareholders:
Beginning of year: $0
End of year: $3000 (loaned to company mid-year)
Retained Earnings: (-$1,936)
Capital and Retained Earnings: $1,064
Balance sheet out by: Beginning of year =$23,560; End of year = $15,403
