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Business Entities

Posted by Admin Posted on Nov 02 2016

Starting a business can start organically, with a structured business plan, or a combination. No matter what way you start a business you will have to choose a business entity in order to be recognized by the federal government. The business entity determines which income tax form you have to file. The federal government levies four basic types of business taxes: 

Income Tax
Self Employment Tax
Taxes for Employers
Excise Taxes

To learn more about these taxes visit the Internal Revenue Service's (IRS's) Guide to Business Taxes.

Federal Taxes 
To access the forms you will need to file - click on your business entity. 

Sole Proprietorship
S Corporation
Limited Liability Company (LLC)

State Taxes
Most states levy a business or corporate income tax. State taxe requirements depends on the legal structure of your business. For Wisconsin:

Business Tax Registration
General Tax Information and Forms
Worker's Compensation Insurance
​Unemployment Insurance Tax

Check with your Sorge Team Member to make sure you are defining your business in the best way for both your current business situation and structure and for your desired tax planning goals.