USA Balance Sheet for small business

[kuma]

Hello, I have beeen asked by a bank to provide a balance sheet for my company (3 years old) for a house mortgage. Do I include the estimated taxes in the balance sheet as liabilities or don't have to since those are deferred taxes?

 

[ColinCPA]

Depends on if your company is cash basis or accrual basis.

You should probably get a CPA to compile a set of financial statements for you.

 

[Samir]

Typically a bank wants to see a p&l and balance sheet that match as well as tax returns. I've never included estimated taxes on our balance sheets or p&ls since all ours are pass-through entities.

However, if it was a c-corp balance sheet, I probably would as that technically is a current liability. Although they will probably also ask for the tax return, so you might be able to get away with leaving it off the balance sheet for bank purposes.