Innovators’ Toolbox: How to File your Taxes

One of the great things about the Northwest Indiana Society of Innovators is that our Members and Fellows come from all different walks of life and industries. We love honoring innovation in all of its forms. That being said, many of our innovators may be filing federal income taxes for small businesses and nonprofit organizations for the first time this year. Check out the lists below to learn about how you should file.

 

While there are various ways to file taxes for a small business, depending on whether you are a sole proprietor or use an LLC, TurboTax has come up with a simplified list of steps to filing that will be relevant for nearly all small businesses.

 

  1.        Collect your records
  2.        Find the right form
  3.        Fill out your form
  4.        Pay attention to deadlines

 

When it comes to nonprofit organizations, the steps for filing are a little different. While most nonprofits are considered tax exempt, there are still forms that must be submitted to verify this status. The IRS explains which of the following forms are required for each type of nonprofit organization.

 

-Form 990

-Form 990-EZ

-Form 990-PF

-Form 990-N

-Form 8868

-Form 1120-POL

-Form 7004

 

For more information on tax season or additional tips from the Innovators’ Toolbox, visit www.NWISOI.org.

 

Innovator's Toolbox

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