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Can I skip the Balance Sheet section?

SOLVEDby TurboTaxTurboTax Windows120Updated 2 weeks ago

You can skip the Balance Sheet section 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.

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