When it comes to taxes, Wyoming is definitely one of the states that should be considered when forming a company in the US. Wyoming is considered the most tax-friendly state and has been ranked the top state for its business tax climate many times. Throughout this page, you will find some of the good reasons.
Tax Advantages in Wyoming
- There’s no state income tax in Wyoming. Also, you are not required to pay personal income tax if you are operating your business in the state, Wyoming.
- No corporate tax
- There’s no excise tax, estate or inheritance tax, intangible tax.
Wyoming is one of the few states that have neither a personal income tax nor a corporate income tax. This advantage makes the state one of the most tax-friendly states in the US compared to other states’ tax businesses. You can check up to date taxes of the state from: https://www.irs.gov/businesses/small-businesses-self-employed/wyoming
Annual License Tax
The only requirement to keep in mind for taxes is annual license tax when incorporating in Wyoming. Corporations and LLCs formed in state are required to pay annual license tax when filing their annual report each year.
In addition, there are other advantages of being a non-US resident when it comes to taxes. Non-US residents can choose which state they want to incorporate and most of the businesses are online businesses which makes them worry less about taxes. Corporations and LLCs are taxed slightly differently. LLCs are not taxed on income that coming from other countries. However, corporations will be taxed on US-sourced incomes and also from foreign proceeds.
Overall, the absence of general major business taxes like state income tax and corporate tax makes Wyoming one of the most favorable states to form your company. If you want to incorporate in the state and take advantage of tax flexibility, Clemta offers a complete consultancy in terms of your incorporation and post-incorporation procedures. You may check our website and pick out our services according to your needs with one-click. Clemta will handle the rest for you.