Wyoming’s state sales tax rate is 4%, and there are also additional taxes at the county, city, and special district levels. Sales tax is one of Wyoming’s largest sources of revenue. The state uses it to fund a variety of services, such as public education, social services, and infrastructure. Sales tax is imposed on the retail sale and lease of tangible personal property, admission fees, and some services. Some goods, including food and medicine, are exempt from sales tax. Businesses that make taxable sales in the Cowboy State must register and collect sales tax from customers. They also must submit the collected tax to the Department of Revenue.
The state of Wyoming has a unique sales tax filing system. It’s called economic nexus, and it’s determined by the amount of economic activity you have in a state. For example, if you sell a product or service in Wyoming and have $100,000 in sales or 200 separate sales transactions, you may have nexus in the state.
Once you’re registered, the state will assign a sales tax filing frequency. Typically, they ask higher volume businesses to file more frequently. You can file your returns online, but the department recommends using a software program.
Wyoming Sales Tax Registration
First, make sure you’re registered with the state. To do so, head over to the WYIFS website and follow the prompts to complete your registration. The process may take a while, but it’s worth the effort. Once you’re registered, you can begin collecting and remitting sales tax in Wyoming.
Wyoming Sales Tax Exemptions
Then, be sure to understand Wyoming sales tax exemptions. Certain customers, including government agencies and some nonprofit organizations, are exempt from paying sales tax in Wyoming. Be sure to collect a valid exemption or resale certificate from each buyer and keep it for your records.
Wyoming Sales Tax Due Dates
Wyoming Sales tax due dates can be a little confusing for ecommerce retailers, especially since they vary by state. It’s important to keep up with the latest sales tax filing dates to avoid penalties and avoid interest charges. The good news is that there are ways to simplify the process.
Wyoming sales tax due dates depend on the filing frequency assigned to your business by the Wyoming Department of Revenue:
- Monthly filers: Submit returns and tax by the last day of the month following the month in which the sales occurred.
- Quarterly filers: Submit returns and tax by January 31st, April 30th, July 31st, and October 31st of each calendar year.
- Annual filers: Submit returns by January 31st of each calendar year.
How to Process Taxes Easier in Wyoming?
The first step is to prepare your sales records. You’ll need to know how many taxable sales you made during the reporting period and your remittance rate for each one. Then, you can submit your return and pay any amount due by the sales tax due date. If you miss the deadline, you’ll have to pay a penalty of $25 or 10% of your sales tax liability, whichever is higher, and 1% interest per month on any outstanding balance.
Depending on your business, you may need to file monthly, quarterly, or annually. Your registration frequency is determined by your level of nexus in the state, and high-revenue businesses typically file more frequently than low-volume businesses. In addition, some states offer early filing discounts for small businesses.