Wyoming State Taxes
Wyoming is a tax-friendly state for small businesses. It does not impose income taxes on individuals, and its sales tax is among the lowest in the nation. However, it still pays to have a sound tax planning strategy.
The state of Wyoming does not levy an individual income tax, but it does collect sales and use taxes. The state sales tax is 4%, and many counties also impose their own local taxes on top of that. The county sales taxes are generally 1%, and the city and town taxes range from 0.3% to 1.3%. Some items are exempt from the sales tax, including candy refills sold in vending machines and novelty items. The county sales taxes help fund public services and infrastructure, such as roads and schools.
The state also imposes a 6% “special purpose” tax paid by stores and vendors on each transaction. This tax helps fund a number of state programs, such as unemployment insurance. However, the tax isn’t a panacea and should be balanced against other state budgetary issues.
Property taxes are another important source of revenue in the state. Currently, homeowners pay just 9.5 percent of their home’s value in property taxes, among the country’s lowest rates.
Wyoming SUTA
In addition, employers must pay a state-level payroll tax called SUTA (State Unemployment Tax). This tax supports the state unemployment insurance program and is administered by the Department of Workforce Services. SUTA taxes are due monthly, quarterly, or annually, depending on your business model and your number of employees. If a filing deadline falls on a weekend or federal or state holiday, the next business day will serve as the new due date.
Other Wyoming Taxes
Wyoming collects various other taxes, including:
- Severance taxes on natural resources like oil and gas.
- Excise taxes on specific goods like gasoline, tobacco, and alcohol.
- Business license taxes.
- Unemployment insurance taxes.
How to File Taxes in Wyoming?
If you sell taxable goods or services in Wyoming, you must register with the state and file returns regularly. These reports detail your total sales, the amount of sales tax collected, and the locations where you made the sales. The state also requires that you remit the collected sales tax to the department on time. To avoid late fines, it’s important to know the filing frequencies assigned by the department and your filing due dates. These due dates are based on your business’s size or sales volume.
