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 Schedule L 2016-2025

West Virginia it 140 2016-2025 Form

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John acquired the mcguire law firm and in a previous video I talked about your basic accounting equation which is assets equal liabilities plus equity so a good place to look at this would be if you look on the 1120s for example the schedule L is a balance sheet which goes over the corporation's assets at the beginning of the year and at the end of the year and then it goes over the corporation's liabilities as well as States what the equity would be for the shareholders of the corporation so we gave a previous example in that video of a home and I think when you're looking at it from a tax perspective a tax return take a look at a Schedule L on that 1120s if you if you own an S corporation or even pull it up online and that is kind of a balance sheet and that is how everything should balance assets equal liabilities plus equity any questions please feel free to contact our law firm thank you very much

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