STATE RANKING #1

Quick facts: 

-When you set up an LLC in Wyoming, the state keeps the owners information private.

-There is no income tax or business tax in the state of Wyoming.

NONE

State Income Tax

State
Income
Tax

NONE

Cost of Setting Up A Business

state
business
tax

LOW

Property
Taxes

5.34%

Sales
Tax (average)

State Income Taxes in Wyoming

The state of Wyoming is one of only 8 states in the union with no income tax, yay!

State Business Taxes in Wyoming

Wyoming is one of only two states in the union with no Corporate or Gross margins income tax (the other being South Dakota)!

Sales Taxes in Wyoming

Like many states, Wyoming has multiple tax rates. One at the state level and another at the local level. The state rate is 4.0% the average local rate is 1.34% (total average rate for Wyoming Sales Tax is 5.34%). This is very low for a combined rate.

Property Taxes in Wyoming

The average property tax rate for residential property in the state of Wyoming is 0.55%, almost half of the national average (1.05%).

Unemployment taxes in Wyoming

Unemployment taxes usually consist of three factors. They are the wage base, range of rates, number of schedules. Below is an outline of the three:

  • Wage Base – Wyoming has a wage base of $25,400 for 2020
  • UI Rates – range from 0.15% to 8.78%
  • Schedules – Wyoming has a single rate schedule regarding UI.

Wyoming Business Entities - LLCs

Wyoming is an inexpensive state to open an LLC. Here’s what you need to know.

  • Wyoming’s LLC fee is based on the value of your business, it is usually $50 / year or 0.02% of your business assets.
  • When you register with the state, you pay a one time fee of $100
  • Wyoming does not list the owners of LLCs publicly
  • Secretary of State of Wyoming website – click here
  • If you would like help setting up your LLC, we recommend using IncFile.com. They are simple and easy to use.

State #2