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(A) Requirement of filing. A taxpayer’s final return for the preceding year may be used as the basis for computing his declaration of estimated tax for the current year. In the event a taxpayer has not previously been required to file a final return, a declaration of estimated tax on anticipated income shall be filed in good faith.
(B) Amended declaration.
(1) An amended declaration must be filed on or before the last day of the month following the close of the taxpayer’s tax year if it appears that the original declaration made for such fiscal year underestimated the taxpayer’s income by 30% or more. At such time a payment which together with prior payments is sufficient to pay the taxpayer’s entire estimated liability shall be made. If upon the filing of the return required it appears that the taxpayer did not pay 70% of his tax liability, as shown on the return, on or before the last day of the month following the close of a tax year, the difference between 70% of the taxpayer’s tax liability and the amount of estimated tax he actually paid on or before the date shall be subject to the interest and penalty provisions of § 95.10.
(2) In the event an amended declaration has been filed the unpaid balance shown due thereon shall be paid in equal installments over the remaining payment dates.
(Ord. 1-05, passed 1-24-05)