(A) Filing a declaration.
(1) Every person who anticipates any taxable income which is not subject to § 35.129, shall file a declaration setting forth the estimated income or the estimated profit or loss from the business activity together with the estimated tax due thereon, the declaration shall be filed on or before April 30, 1968 and thereafter a similar declaration shall be filed for each calendar year on or before April 30 of each ensuing year by all such taxpayers.
(2) The declaration shall be filed on a form furnished or obtainable from the Department of Taxation. Credit shall be taken for village tax withheld, if any, from any portion of the income. In addition, credit may be taken for tax paid or to be withheld and remitted to other taxing municipalities in accordance with § 35.129(A)(2)(b), above.
(3) The original declaration (or any subsequent amendment thereof) may be increased or decreased on or before any subsequent quarterly payment date as provided herein. A declaration may be amended at any time, provided, however, that the unpaid balance due shall be paid in equal installments on or before the remaining payment dates.
(B) Payment accompanying declaration.
(1) For individuals, the declaration to be filed on or before April 30, 2003, and the declaration to be filed on or before April 30 of each ensuing year shall be accompanied by payment of at least 22-1/2% of the estimated annual village income tax, and at least a similar amount shall be paid on or before July 31, October 31, and January 31 of the taxable year. For calendar year taxpayers that are not individuals, 22-1/2% by the taxpayer's federal return filing date, 45% by June 15, 67-1/2% by September 15, and 90% by December 15, and for fiscal year taxpayers that are not individuals, 22-1/2% by the fifteenth day of the sixth month, 67-1/2% by the fifteenth day of the ninth month, and 90% by the fifteenth day of the twelfth month, any amount deducted and withheld for taxes from an individual's compensation is considered as estimated taxes paid in equal amounts on the prescribed payment dates.
(2) Should it appear that the taxpayer has paid more than the amount of the tax to which the village would be entitled, a refund of the amount so overpaid could be made, or the same may be applied toward the declaration of tax due for the ensuing year. Claims for refunds shall be made on forms prescribed by and obtainable from the Income Tax Office.
(3) A declaration of estimated tax that is less than 90% of the tax due as shown on the annual return shall not be considered as filed in good faith. The difference shall be subject to interest payment as provided for in § 35.134(A) below. An exception will be made if 100% of the prior year tax liability has been paid in equal quarterly installments in the current year.
(Ord. 33-01, Art. 6, passed 12-3-2001; Ord. 34-02, passed 10-7-2002)