No state personal income tax, no corporate income tax. The IRS default treatment for an LLC is pass-through — single-member LLCs are disregarded entities, multi-member LLCs are partnerships. S-corp election can save self-employment tax once net income exceeds roughly $40,000-$60,000.
Single-member LLC: disregarded entity, taxed on Schedule C of your personal 1040. Multi-member LLC: partnership, files Form 1065 and issues K-1s to members. No federal entity-level tax in either case.
No state personal income tax, no corporate income tax. Wyoming has no personal or corporate income tax — one of nine US states with no state income tax.
An LLC can elect to be taxed as an S-corporation by filing Form 2553. Benefit: reasonable-salary portion of income avoids self-employment tax (15.3% saved on the non-salary portion). Becomes worthwhile around $40,000-$60,000 net annual income.
Default LLC owners pay 15.3% self-employment tax on net business income (12.4% Social Security up to $168,600 + 2.9% Medicare). S-corp election can reduce this, but adds payroll compliance complexity.
Non-US residents who own a US LLC must file Form 5472 + pro-forma 1120 each year if the LLC is a disregarded entity with foreign ownership. Form 1065/K-1 if multi-member. ITIN may be needed for personal tax filing. Anonymousllc.co partners with US tax preparers familiar with non-resident filings.
Under the March 21, 2025 FinCEN interim final rule, domestic reporting companies are exempt from BOI reporting. Foreign reporting companies (LLCs formed outside the US) remain obligated. Most Wyoming LLCs are domestic and currently exempt.
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