The prime incentive for doing business in Wyoming is not having to pay Wyoming income tax. This enables business owners to retain more of their revenue and lowers the cost of labor. If you are new to operating a business in Wyoming, you may not be versed in the Wyoming business tax system. Wyoming state and local tax resources provide all the information you need to legally operate in Wyoming. Wyoming tax resources explain the taxes due and the Wyoming tax forms you must submit.
Wyoming does not impose a personal or corporate income tax, nor do they levy a tax on retirement income. But that does not relieve you of the responsibility to file other business taxes, including:
1. Wyoming mineral tax
2. Wyoming property tax
3. Excise tax - Wyoming sales tax, use tax, lodging tax, cigarette tax, and estate tax
Action Steps
The best contacts and resources to help you get it done
Get the basics on Wyoming business tax from the source
The Wyoming Department of Revenue website brings together Wyoming tax forms and information in one handy location.
I recommend: Visit the
Department of Revenue site for
forms,
publications and more.
Research Wyoming state taxes on minerals
While minerals are exempt from Wyoming property tax, they do warrant a gross products tax and a severance tax when they are produced.
I recommend: Read the
Minerals: Gross Products and Severance Tax section of the Wyoming Department of Revenue FAQ site to find out who must file these Wyoming state taxes.
Investigate county resources for local Wyoming taxes on property
All Wyoming property tax is based on the assessed value of the property. The County Assessors Office establishes the taxable values for most properties inside their counties. The tax is then paid to the respective County Treasurer. However, the Wyoming Department of Revenue assesses the taxable value for utility and transportation companies.
I recommend: For more information on the Wyoming property tax system - taxation and valuation - in your area, contact the local
county assessor's office.
Examine all Wyoming tax resources on excise taxes
The Wyoming sales tax rate is 4%. Counties also have the option of adding local Wyoming taxes up to an additional 1%. Wyoming tax resources also list a county lodging tax rate of 2%-4%. Wyoming tax forms must be filed for the 4% use tax on items purchased in other areas and brought to Wyoming.
I recommend: Check out the summary of Wyoming sales tax and use tax by the
U.S. Chamber of Commerce. The site provides a full accounting of tax obligations for the seller and the purchaser.
Tips & Tactics
Helpful advice for making the most of this Guide
- The Tax Foundation in Washington D.C. has ranked Wyoming #1 for their business-friendly Wyoming taxes. If you are thinking about starting a business, Wyoming is the right place for you.
The official source of Wyoming State and Local Tax Resources is
the Wyoming State and Local Tax Resources page at Business.com
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