Yes, you can skip the balance sheet and related Schedules M-1 and M-2 if all of the following are true:
- Total business income (before deductions) is less than $250,000, and
- Your business isn't 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/S corporation year-end assets are less than $250,000 or partnership/LLC year-end assets are less than $1,000,000.
The steps necessary to turn off the balance sheet depend on the type of business return you are filing. Please see this TurboTax article for instructions specific to your tax situation: How do I turn off the balance sheet?
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