IA 6251B Balance Sheet/Statement of Net Worth, 41135 2025

1. Click ‘Get Form’ to open the IA 6251B Balance Sheet/Statement of Net Worth in the editor.
2. Begin by entering your name(s) and Social Security Number at the top of the form. Ensure accuracy as this information is crucial for identification.
3. Select the Net Worth Calculation Date and choose between Accrual or Cash accounting methods based on your financial reporting preference.
4. In Part A: Assets, fill in each line item starting with Total Cash (Line 1). Include all personal and business cash accounts.
5. Continue through Lines 2 to 10, detailing securities, pensions, insurance policies, accounts receivable, inventory, real property, machinery and equipment, vehicles, and other personal property. Be thorough to ensure a complete asset picture.
6. Move to Part B: Liabilities. Enter current liabilities (Line 12) followed by long-term liabilities (Line 13) and accrued taxes (Line 14).
7. Finally, calculate your Total Assets (Line 11) and Total Liabilities (Line 15), then determine your Net Worth by subtracting total liabilities from total assets in Line 16.
8. For the Debt to Asset Ratio in Line 17, divide Total Liabilities by Total Assets for a clear financial overview.

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