The Clarets are adding quality and quantity to their squad for their second attempt at Premier League football, keeping within a budget.
The Lancashire club are not splashing the cash, although the Sordell deal is reportedly worth around £0.5million.
Taylor joins on a free from West Ham, where he was offered a new deal but has opted for a move back up north, down the road from where he enjoyed huge success at Bolton.
Sordell, who also enjoyed his spell at the Reebok Stadium, will look to battle with England under-21 international Danny Ings for the strikers spot.
Boss Sean Dyche played alongside Sordell at Watford and so will know everything he needs to know about his new boy.
“We know we are going into what is arguably the best league in the world and we also know that it helps to have experience at that level,” Dyche told the club’s official site.
“Matt has an abundance of that, as well as being a very talented player. Certainly there is a lot of football left in him.
“He wanted a fresh challenge and saw that we are trying to do something here, from good messages filtering through the game, so we are delighted to have him.