LLC 2019 Tax Return: Living outside the United States but have State of Georgia LLC.

[adaptiveone]

I've been funding the business from my personal savings and it didn't even make 1% of the money that has been invested in it last year.

[RobertG]

What is your specific question?

If it is a single member LLC you would report it on your return as self-employment on Schedule C.

[adaptiveone]

Hello, Robert.

Thanks for pitching in.

Frankly, I have never in my life deal with anything "tax'.

I'm looking at TurboTax and have no clue what to do with this.

All I want is to be able to file the 2019 tax return for this entity, and then figure out how to outsource this task.

Any constructive advise or suggestion will be much appreciated.

[adaptiveone]

Have asked the registered agent for direction but received:  "unfortunately, we do not have any licensed professionals on staff that can assist with the tax filing but I'm sure any CPA in your area could assist."

But I live outside the United States.

[Irene2805]

As mentioned earlier, if you are a single-member LLC, you will file a Schedule C for your LLC.  To do this you will need TurboTax Self-Employed (Online) or Home and Business (CD/Download).

TurboTax Self-Employed (Online)

To enter information for your business, please follow these steps:

General Information 

1. Click on Income and Expenses and then click the Start/Revisit box in the Self-Employment section.
2. If you haven't yet entered information on your business, you should see a screen, Tell us the type of self-employment work you do.  Enter a description of your work, for example dog training, graphic design, etc.)
3. If you are filing a joint return, indicate whether the business belongs to you or your spouse and click Continue.
4. Proceed through the screens, entering the requested information.
5. When you have completed the interview, you will be brought to the Here's your [business] info screen, where you can enter more information on your business, like income, expenses, assets, etc.

Income

1. On the Your 2019 self-employed work summary screen, click on Edit next to your business. 
2. On the Here's your [business] info screen, click on the box Add income for this work. 
3. On the next screen, Let's get any additional income, mark the button for the income source [1099-MISC, Additional income, etc. and click the Continue box.  
4. Continue through the screens, entering your business income.

Expenses

1. On the Here's your [business] info screen, click on the box Add expenses for this work. 
2. On the Tell us about any expenses screen, scroll down through the categories, marking the appropriate radio buttons and click Continue at the bottom of the screen. 
3. Turbo Tax will take you through the different categories to enter your expenses.

TurboTax Self-Employed (Online)

The process is similar in the CD/Download version:

1. Click on the Business tab > Continue > I'll choose what to work on
2. On the Let’s gather your business info screen, in the Business Income and Expenses section, click the Start/Update button. 
3. If you have already started adding information about your business, you will see the Here's the business info we have so far screen.  Click on the Edit box next to the business. 
4. If you haven't already started adding business information, continue through the screens to enter the needed information.
5. You will now be on the Your [XX] Business screen.  In the Business Income section, click on the Start/Update box. 
6. On the next screen, Business Income, click on the Start/Update box next to the type of income you wish to report.    Click Continue when finished with income.
7. When you are finished entering income, you will be brought back to the Your [business type] Business screen.   From here you can enter other business items (expenses, assets, inventory, etc.).

[adaptiveone]

Thank you so much @RobertG  and @Irene2805 for such a detailed guide.

I know it took a lot to write it out in such a way that a newbie like me can understand and thus deeply appreciated.

I did chat with the TurboTax team when I was contemplating upgrading to the Self-Employed Live CPA Help option and was referred to https://freefile.intuit.com/.

Will you advice me at this stage to switch back to Self-Employed Live CPA Help ($200)?

If so, how do I do that as I see no option to switching back.

I have completed most of the forms but got stuck at General Business Credits as I don't really understand what it all means.

Thanks for your patience.

[DianeC958]

The General Business Credit is made up of other Business Credits which then flow to form 3800 to take the credit.

Included in General Business Credit is

• Investment credit (Form 3468)
• Low-income housing credit (Form 8586)
• Disabled access credit (Form 8826)

The investment credit is also made up of several different credits. You’ll figure each sub-investment credit separately.

If you have any of these credits you need to fill out the appropriate form and then the information flows to form 3800.

About Form 3800, General Business Credit