(A) Every person who anticipates any taxable income which is not subject to § 95.06 hereof, or who engages in any business, profession, enterprise, or activity subject to the tax imposed by § 95.03 hereof, shall file a declaration setting forth such estimated income or the estimated profit or loss from such business activity together with the estimated tax due thereon, if any. However, if a person’s income is wholly from wages from which the tax will be withheld and remitted to this municipality in accordance with § 95.06 hereof, such person need not file a declaration.
(B) (1) Such declaration shall be filed on or before April 15 of each year during the life of this chapter, or within four months of the date the taxpayer becomes subject to tax for the first time.
(2) Those taxpayers reporting on a fiscal year basis shall file a declaration on or before the fifteenth day of the fourth month after the beginning of each fiscal year or period.
(C) (1) Such declaration shall be filed upon a form furnished by or obtainable from the Commissioner. Credit shall be taken for city income tax to be withheld, if any, from any portion of such income. In addition, credit may be taken for tax payable to other taxing municipalities in accordance with the provisions of § 95.14.
(2) The declaration shall be filed for an amount equal to the taxpayer’s liability for the preceding year, in the absence of known circumstances to the contrary. The declaration shall be subsequently amended (increased or decreased) at a time when a change in the tax liability can reasonably be determined.
(D) (1) The taxpayer making the declaration shall, at the time of the filing thereof, pay to the Commissioner at least 22-1/2% of the estimated annual tax due after deducting:
(a) Any portion of such tax to be deducted or withheld at the source pursuant to § 95.06;
(b) Any credits allowable under the provisions of § 95.14;
(c) Any overpayment of the previous year’s tax liability which taxpayer has not elected to have refunded.
(2) At least a similar amount shall be paid on or before the last day of the seventh, tenth and thirteenth months after the beginning of the taxpayer’s taxable year. Provided that in case an amended declaration has been duly filed, or the taxpayer is taxable for a portion of the year only, the unpaid balance shall be paid in equal installments on or before the remaining payment dates.
(E) The declarations for the second, third, and fourth quarters shall be on July 31 and October 31 of the current year and on January 31 of the subsequent year respectively. The amounts due on those dates are not to exceed 45%, 67- 1/2% and 90% respectively of the tax estimated to be due.
(F) Taxpayers reporting on a fiscal year basis shall file a declaration on or before the fifteenth day of the fourth month after the beginning of each fiscal year and thereafter at the end of the seventh, tenth and thirteenth months.
(G) Effective January 1, 2003, no penalty or interest will be assessed for late payment or nonpayment of estimated taxes if the taxpayer was not domiciled in the city on the first day of January of the current calendar year or if the taxpayer has paid estimated payments equaling 100% of the taxpayer’s tax liability for the immediately preceding tax year, provided that the immediately preceding tax year reflected a 12-month tax period and the taxpayer filed a return for the immediately preceding year.
(1980 Code, § 95.07) (Ord. 3218, passed 12-16-1974; Am. Ord. 4205, passed 4-19-1982; Am. Ord. 7192, passed 12-15-2003)