Does my 2016 business checking account balance get applied to my 2017 tax filing?

kilgore062502 — Thu, 06 Jun 2019 13:48:40 GMT

2016 taxes were filed by professional tax preparer. I'm using Turbo Tax Business to file myself for 2017. So far I have not seen how to handle the balance in my checking account at the end of 2016. Do I ignore it, is it an asset or what?

It's an asset. Depending upon the kind of business and th...

jtax — Thu, 06 Jun 2019 13:48:42 GMT

It's an asset. Depending upon the kind of business and the size of the business you may need to list it in your balance sheet and reconciliation for book income vs. tax income. TT Business should ask you about this.

For corporations this would show up on 1120 Schedule L, M-1, M-2, which are optional for very small corporations (income and assets < $250k). See https://www.irs.gov/pub/irs-pdf/i1120.pdf, page 21. (This is only for corporations, LLCs and partnerships may be different).

topic Does my 2016 business checking account balance get applied to my 2017 tax filing? in Get your taxes done using TurboTax

Does my 2016 business checking account balance get applied to my 2017 tax filing?

It's an asset. Depending upon the kind of business and th...