Tax Return To Enter Balance Sheet

by Julia
(USA)

Tax Return To Enter Balance Sheet

Tax Return To Enter Balance Sheet

Hi, I have a question. I want to do bookkeeping for small businesses. If a company is s-prop and I need to do their books, do I need the tax return to enter information on the balance sheet? Or is it only for corporations? Thank you for your help.

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Apr 08, 2011
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starstarstarstarstar 		Matching Balance Sheet To Tax Return
by: Stephanie

Hi Julia,

Good question, thanks for asking.

It is good practice to make sure the balance sheet matches to the tax return at end of year for any type of business, including sole proprietor and partnerships as well as corporations and S-Corps.

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