Wyoming small business taxes

Pay Your Wyoming Small Business Taxes

Most small businesses are required to pay state taxes. Learn about your Wyoming business taxes and how we can help you stay compliant.

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One of the many things a successful Wyoming business must do to stay legally compliant is to pay its taxes fully and on time. Failing to stay on top of these issues could result in unnecessary fines, penalties, and other possible negative consequences. We understand that taxes can cause anxiety for even the most experienced entrepreneurs, which is why we’ve put together a brief guide to Wisconsin state level taxes for small business owners. Read on to learn what kinds of taxes that might apply to your business, how and when to pay them, and which of our products and services can help make things easier at tax time.

If you looking for further help with compliance, our Worry-Free Compliance Service helps you organize your business documents and also keeps track of your business’s required compliance filings to make sure you don’t miss a deadline.

If you’re looking for information about federal taxes, head over to our page on federal taxes for small businesses to learn more.

Step 1: Establish your Wyoming business’s corporate income tax obligations

Before starting a business, you need a solid knowledge base of what taxes are owed and how to file them. This helps ensure you don’t make any mistakes in the beginning that will set back your progress in establishing a successful business. One of the benefits of knowing how to file small business taxes in Wyoming is that there are very few taxes that you need to learn about and file. Wyoming is a business haven because the state has no corporate taxes. Also, there are no personal income taxes that companies or individuals need to pay. The federal level is a different story, but at least things are simpler at the state level.

Step 2: Determine your Wyoming business’s withholding taxes

Because Wyoming doesn’t have a state-level income tax, as an employer, you don’t have to withhold state taxes from your employees’ paychecks. However, you will still need to withhold federal income tax for those employees. New employees will fill out an IRS form called a W-4, where they will designate how much federal taxes should be taken out of their pay. Most businesses will have to pay these taxes on a quarterly basis.

Step 3: Establish your Wyoming business’s additional state tax obligations

Because Wyoming is a very friendly state for tax purposes, there aren’t many other taxes to understand and keep track of. For the ones you do need to worry about, you can file online on a quarterly basis.

Unemployment Insurance Tax

If your company has employees, it must pay the state’s unemployment insurance tax. The current new employer’s contribution rate depends upon several factors determined by the type of business you have. The highest tax rate will be 8.5%, and the highest rate that an employer will pay is 9.825%. The Wyoming Department of Workforce Services is responsible for collecting unemployment tax from employers. These taxes are filed online and on a quarterly basis.

Sales Tax

Sales tax applies to retail sales of each purchase made, except for some services, groceries, and prescription drugs. Wyoming’s sales tax is 4%.

Annual Business Fee

Wyoming businesses are required to pay an annual fee. This fee is to be paid when your company files its annual report. This fee is $60 or two-tenths of one million on the dollar ($.0002) of all in-state assets, whichever is greater.

Step 4: Prepare to file and pay your Wyoming small business taxes

To be compliant, you’ll need to prepare your tax filings and tax payments and file them on time. Most Wyoming small business taxes have to be filed online after you create an account.

Even though Wyoming taxes are somewhat easier than in other states, it’s still important to maintain and keep organized the various business papers necessary to file taxes properly. Keeping track of and organizing your receipts, accounting records, legal documents, and business papers is essential to maintaining a successful business. With our ZenBusiness Money App, we make it easy for Wyoming businesses to have a streamlined invoicing process and to keep everything organized and in one spot. This also helps you get paid easier and earlier.

Do I need an accountant?

Even in a tax-positive state like Wyoming, it’s still a good idea to have an experienced accountant on retainer. Knowing that there is a tax and business expert at your disposal will give you peace of mind. The IRS has a guide to the different kinds of tax preparers and their qualifications on its website.

How We Can Help

Running your own business is stressful enough, and worrying about taxes only adds to that. Luckily, we have some tools that can help. Our ZenBusiness Money App allows you to easily send custom invoices, accept credit card and bank transfer payments, and manage your clients from an easy-to-use dashboard to make things easier at tax time.

If your small business is still in the formation phase, our Wyoming LLC Formation Service or Corporation Formation Service can help you get started. Not sure how to stay compliant? Learn more about legal compliance for small business owners.

Our goal is to give you peace of mind knowing that your business needs are being tracked and kept organized and at the tip of your fingers.

Disclaimer: The content on this page is for information purposes only, and does not constitute legal, tax, or accounting advice. If you have specific questions about any of these topics, seek the counsel of a licensed professional.

FAQs

  • How much can a Wyoming small business make before paying taxes?

    Since there is no business or corporation tax in Wyoming, you won’t have to worry about paying state taxes from your business income.

  • What percentage does a Wyoming small business pay in taxes?

    There are no business or income taxes for Wyoming small businesses to pay. There are other taxes that a small business has to pay, such as unemployment insurance, sales tax, and an annual business fee.

  • How does a Wyoming small business pay taxes?

    Wyoming requires you to pay taxes electronically.

  • Do I have to file taxes for my small business in Wyoming?

    No. Your business doesn’t need to file a state tax return in Wyoming.

Small Business Tax Information by State

Learn about your business taxes and how we can help you stay compliant.

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