Wyoming Filing System for a Business
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How to fill out Filing System For A Business?
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FAQ
As just mentioned, Wyoming is one of just a few states that have neither a corporate income tax nor a personal income tax. In fact, with the possible exception of South Dakota, Wyoming may be the most income tax-friendly state in the country.
This means that for each dollar spent on purchasing goods or services in Wyoming, an additional 4 cents is charged for state sales tax. The sales taxes are paid to the retail stores or other vendors where you make your purchase; it is collected at the point of sale then remitted to the state.
Wyoming has no corporate or personal income tax. There is no tax return to file with the state. This does NOT mean if you form a Wyoming LLC or a Wyoming corporation that all your profits will instantly be tax free.
The main benefits of forming a LLC in Wyoming are:No state income tax on limited liability companies. Asset protection and limited liability. LLC assets are safe from personal liabilities. Charging order protection extended to single member LLC's.
The Wyoming Internet Filing Service (WYIFS) is a secure Internet site for filing mineral severance tax and mineral gross products tax returns via WYIFS by format compliant ASCII file transfer or by completing WYIFS Web Returns.
Since Wyoming does not collect an income tax on individuals, you are not required to file a WY State Income Tax Return. However, you may need to prepare and efile a Federal Income Tax Return.
Wyoming LLCs pay a 30 percent tax on all income from U.S. sources to the Internal Revenue Service. Your U.S. taxes will be filed at the end of the year on Form 1040-NR.
Moreover, because Wyoming also doesn't have a personal income tax, LLC members generally will owe no state tax on income they earn from a Wyoming LLC. The only tax for LLCs, mentioned above, is the annual license tax of $50 or a small percentage of the value of your LLC's assets located in Wyoming.
You can apply online at the Wyoming Internet Filing System for Business. You can also apply on paper and mail or fax in the Wyoming Sales/Use Tax Application. You can call (307) 777-5200 for assistance completing the application.
Goods that are subject to sales tax in Wyoming include physical property, like furniture, home appliances, and motor vehicles. The purchase of prescription medicine, groceries and gasoline are tax-exempt. Some services in Wyoming are subject to sales tax.
