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:
Self Employment Tax
Taxes for Employers
To learn more about these taxes visit the Internal Revenue Service's (IRS's) Guide to Business Taxes.
To access the forms you will need to file - click on your business entity.
Most states levy a business or corporate income tax. State taxe requirements depends on the legal structure of your business. For Wisconsin:
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.