(a) Unless an exemption certificate is filed for the tax year 2008 or subsequent tax years thereafter on a form provided by the administrator, each taxpayer shall, whether or not a tax is due thereon, make and file a return on or before April 15 of the year following the effective date of this chapter (Ordinance 262-1966, passed December 23, 1966), and on or before April 15 of each year thereafter through tax year 2007. When the return is made for a fiscal year or other period different from the calendar year, the return shall be filed within one hundred five (105) days from the end of such fiscal year or period. Beginning with tax year 2008, the filing dates shall correspond to the federal filing dates if the federal filing dates are other than April 15th and/or one hundred five (105) days from the end of such fiscal year or period.
(b) Retirees having no taxable income for City of Euclid income tax purposes may file, with the administrator, a written request for exemption from these filing requirements, and shall be exempt if the request is granted by the administrator. The request shall be filed using the prescribed exemption certificate, which is available from the City of Euclid income tax office. Such exemption, if granted, shall be in effect until such time as the retiree receives income taxable for City of Euclid income tax purposes, at which time the retiree shall be required to comply with all applicable provisions of this chapter, including the filing requirements.
(c) Any business, profession, association or corporation reporting a net loss is subject to the filing requirements of this chapter.
(d) Each taxpayer may offset business losses against business net profits from any business conducted in the city or in any municipality that does not levy an income tax on net profits therefrom. However, partnership and S corporation distributive share losses are not deductible from an individual's rental or sole proprietorship income.
(e) A loss from the operation of a business may not be used to offset the income on a taxpayer's W-2 form.
(f) Unreimbursed employee business expenses deductible on federal form 2106 are deductible expenses for city income tax purposes. However, the deductions shall be subject to federal guidelines, and to review and audit by the city's income tax office. Expenses must be allocated proportionate to the related income.
(Ord. 101-1988. Passed 6-16-88; Ord. 178-2004. Passed 10-18-04; Ord. 15-2008. Passed 1-22-08; Ord. 207-2009. Passed 12-7-09.)