According to TaxFoundation.org, Wyoming is the most tax friendly state in the union. There are no income or business taxes in Wyoming. Also, it is a non-disclosure state, when you set up your company (LLC, Corporation, etc.) the owners’ information is keep private from the general public.
State Taxes at a Glance – Wyoming
| Type of Tax | 2023 |
|---|
| Individual Rates | None |
| Corporate / Business Tax Rates | None |
| Gross Receipts Tax | Yes |
| Sales Tax | 5.36% (average) |
| Property Taxes | 0.56% as a percentage of primary home |
| Estate or Inheritance Tax | None |
Income Taxes
The state of Wyoming is one of only 8 states in the union with no income tax.
Business Taxes
Wyoming is one of only two states in the union with neither a Corporate Income Tax nor a Gross Margins Income Tax (the only other state in the union that has neither of these taxes is South Dakota).
Licensing Fee Wyoming
If the assets of your business are greater than $250,000, your state licensing fee is 0.02% of your assets. If your company’s assets are less than $250,000, your state licensing fee is a flat $60.
Sales Taxes
Sales Tax – 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 1.36% (total average rate for Wyoming Sales Tax is 5.36%). This is very low for a combined rate.
Property Taxes
Property Tax – The average property tax rate for residential property in the state of Wyoming is 0.55%, almost half of the national average (1.05%).
DMV fees in Wyoming
Wyoming’s DMV fees based on the value of the vehicle, so they are tax deductible. Here is a link to the Wyoming DMV website so you can learn more.
Domicile in Wyoming
According to the State of Wyoming website, domicile means, “That place where a person has his true, fixed and permanent home to which, whenever a person is temporarily absent, the person has the intention of returning. Having a mailing address, owning property or a business, or being employed in Wyoming shall not alone prove Wyoming residency or domicile.“
Payroll 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 $29,100
- UI Rates – range from 0.48% to 9.78%
- Schedules – Wyoming has a single rate schedule regarding UI.
Setting up a Business in Wyoming
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 $60 / 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
Wyoming Tax Contact Phone Numbers
Important phone numbers for the Wyoming Department of Taxation:
- Website: revenue.wyo.gov
- Phone# for Individuals – N/A
- Phone# for Businesses – (307) 777-5200