Can I skip the Balance Sheet section?
You can skip the Balance Sheet section if all of the following are true:
- Total business income (before deductions) is under $250,000.
- 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
- Corporation year-end assets are under $250,000 or partnership/LLC year-end assets are under $1,000,000.