Wyoming Tax Filing
Filing Your Taxes in Wyoming
Wyoming is one of the few U.S. states that doesn’t charge an income tax. Not only that, they are one of the even fewer that doesn’t levy taxes on corporate income, retirement income or on intangible assets such as stocks and bonds.
Wyoming residents are still required to file a federal income tax return by April 15.
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Wyoming Tax Forms
- Wyoming Form 14 - Wyoming Consumer Use Tax Return
Taxes in Wyoming
Ah Wyoming, where the winters are cold and the wind blows so hard a chain can blow sideways. That’s a lot of heating and energy costs. Thank goodness Wyoming is one of the largest producers of coal, oil and natural gas. Wyoming also has a large mining industry that provides those very valuable commodities. Wyoming taxes anyone buying those resources. 30 U.S. states buy coal from Wyoming and that keeps Wyoming residents from having to pay income taxes. It also keeps energy costs in the state low for those long, cold Wyoming winters. Wyoming does not have any legislative plans for implementing state income taxes anytime soon.
Be sure to look on the Wyoming Department of Revenue website to see if you qualify for any credits or deductions that might help you save on your taxes.
Property Tax in Wyoming
Wyoming does not levy tax on property as a state and the federal government does not make any revenue from Wyoming property taxes. But you may be required to pay local property taxes. The County Assessors update property values every year and you are required to pay taxes on the land, the residence and any additional structures on the land. Check with your local taxing authority to find out what your property taxes are.
Mineral and agricultural property may be eligible for reductions and sometimes even exemptions, so you should look into that as well. There are also several programs and relief measures to aid low-income families, the elderly and disabled people save on their property taxes.
Use and Sales Tax
Wyoming charges sales tax at the point of purchase. If you purchase out of state, you are required to declare those purchases and pay taxes on them to Wyoming. Vendors and individuals must declare any tax-free purchases made and pay the use tax which is equivalent to the sales tax rate of the purchaser’s county of residence.
Businesses and contractors declare their use tax on their sales tax returns. Non-licensed individuals are required to report their untaxed goods using the Consumer Use Tax Form. This includes professional service providers such as doctors, attorneys, accountants, consultants, etc. See your local taxing authority to obtain the necessary forms.