Wyoming is one of the most tax friendly states in the union. There is no Wyoming Income Tax or Wyoming Business tax. Also, Wyoming is a non-disclosure state, when you set up your company (LLC, Corporation, etc.) the owners’ information is keep private from the general public.
Wyoming Income Taxes
The state of Wyoming is one of only 8 states in the union with no income tax.
Wyoming Business Taxes
Wyoming is one of only two states in the union with neither a Corporate Income Tax or a Gross Margins Income Tax (the only other state in the union that has neither of these taxes is South Dakota).
Sales and Property Taxes in Wyoming
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 1.34% (total average rate for Wyoming Sales Tax is 5.34%). This is very low for a combined rate.
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%).
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.
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 $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