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Wyoming LLC Taxes: What You Need To Know

If you want to run your own Wyoming LLC, then you’ll be required to file a number of documents with Wyoming. We’ll discuss the most important requirements in regards to reporting and filing taxes. With that said, continue to read on.

 

Wyoming LLC Taxes

Annual Report & License Tax

In Wyoming, you’ll have to file an annual report for your Limited Liability Company. You can go to the Secretary of State’s websites to complete the report, and you can download a form from the site that will already have key info from your LLC. Generally speaking, business owners usually only have to confirm existing info, such as the name of the LLC, the registered agent’s name, and the principal office address.

Your annual report needs to be filed by the first day of the anniversary month that you created your LLC. For example, if you created your LLC on July 20th, then the report will be due annually on July 1st. You’ll also have to pay the license tax, which is calculated based on the assets your LLC owns in Wyoming. Fifty-dollars is the minimum license tax, and you can find out more about the tax by visiting the Secretary of State’s website.

State Business Taxes

LLCs are typically called pass-through tax entities. This is in regards to income taxes. What this means is that individual LLC members are responsible for paying federal income taxes, due to those taxes passing through the LLC itself.

Most states have personal income taxes or corporate income taxes, but Wyoming is one of the states that don’t. As a result, many LLCs don’t have to file state income taxes. Not only that, but many members of an LLC don’t end up on any state income tax on the money they earn from an LLC in Wyoming. The only tax that LLCs have to pay is the $50 annual license tax or they have to pay a percentage of their assets that are based in Wyoming, but that percentage is typically small.

Wyoming Employer Taxes

You’ll be required to pay employment taxes if you have employees. Some of these taxes are paid to the Internal Revenue Services, so you might need a Federal Employer Identification Number. Also, employers in the state of Wyoming might have to pay state income taxes.

Let’s not forget to mention you might have to register to pay UI taxes or Unemployment Insurance taxes for short. The Department of Workforce Services is the one that handles these taxes. Registering for these taxes is easy, as all you have to do is register via mail or you can do everything online. After you do this, each quarter you’ll have to report on wages and pay the taxes, which you can do using the forms WYO-078 and WYO-056. If you need more info, you can visit the Department of Workforce Services’ website.

Sales & Use Taxes

If you plan on selling goods to those throughout Wyoming, then you’ll be required to pay sales taxes, which are collected from your customers. In order to legally be able to do this, you’ll have to register with the Department of Revenue, or the DOR. Next, you’ll make periodic payments for the products you sell.

You’ll have to use ETS Form 001.1, which you can download directly from the DOR’s website. You’ll receive a sales tax license after you have registered. After this, you’ll pay on a quarterly or monthly basis, and the sales tax returns will need to be submitted to the DOR. A blank sales tax returns can be downloaded from the DOR’s website.

Registration & Other States

Your LLC might need to be registered in some of the other states you plan on doing business in. Whether you have to do this or not depends on the specific state you’re doing business in because different states have different rules and laws. Also, different states have their own definitions of “doing business” within their state.

You might be considered doing business in a state if you have a physical location within a state or if you have hired employees in a specific state. Also, soliciting business in a state might constituent as doing business in a state. If you’re required to register in a state, then you might have to obtain a document such as a certificate of authority.

Additional Resources