Taxes
Definition: Fees governments charge corporations
and individuals to pay for their services. Taxes come in several
different forms based on the level of government the taxpayer
is dealing with.
Local governments levy property taxes, sometimes a sales tax,
and some fees for services such as garbage pick-up. They also
charge citizens for real-estate developments and housing projects.
State governments levy sales taxes, income taxes, real-estate
transfer fees, and fees for activities such as hunting, fishing,
boating, using parks, and using government services such as the
Department of Financial Institutions. The federal government charges
income taxes, estate and gift taxes, social security taxes, and
excise taxes and fees just like other levels of government.
This is a very complicated area, so proceed with caution. If ever
there were a subject where professional advice is necessary, it’s
in the tax area.
The City of Madison
http://www.ci.madison.wi.us
A resource for local tax questions. You can locate property-tax
information here, as well as information on other tax-related
local issues, such as sales taxes on lodging.
Internal Revenue Service
http://www.irs.gov
A resource for federal tax questions. You’ll find links
to income tax questions you may need answered. You can also find
information on getting a federal identification number for your
business: Just search under Identification Number.
Wisconsin Department of Revenue
http://www.dor.state.wi.us
A resource for state tax questions. Here you can find answers
to questions about sales and use taxes, income taxes and real
estate transfer fees. To determine whether you need a Wisconsin
seller's permit, or to obtain a permit, search under Seller's
Permit.
As a general rule, Wisconsin follows federal income-tax laws,
although there are some exceptions.
Wisconsin Institute of Certified Public Accountants (WICPA)
http://www.wicpa.org
The WICPA is a professional association for accounting professionals.
Resources on this site include accounting-related information
such as articles on retaining financial records and how to choose
and use a CPA.
For a list of Greater Madison Chamber of Commerce (GMCC) members offering these services, click click here.
