(a) Every person who anticipates any taxable income which is not subject to Section 181.06, or who engages in any business, profession, enterprise or activity subject to the tax imposed by Section 181.02 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; provided, however, if a person's income is wholly from wages from which the tax will be withheld and remitted to the Village, in accordance with Section 181.06 hereof, such person need not file a declaration.
(b) Filing of Declarations.
(1) Such declaration shall be filed on or before April 15th of each year during the life of this chapter, except that no penalties or interest shall be assessed, for not filing a declaration, on any resident taxpayer who was not domiciled in the Village on the first day of January in the year in which they became subject to estimated payments, nor shall penalties or interest be assessed on estimated payments if the taxpayer has remitted an amount equal to 100% of the previous year's tax liability, provided that the previous year reflected a twelve-month period.
(2) Those taxpayers reporting on a fiscal year basis shall file a declaration within one hundred five (105) days after the beginning of each fiscal year or period. Such declaration shall be filed upon a form furnished by, or obtainable from the Tax Administrator.
(c) Adjustment to Declarations.
(1) In accordance with the provisions of Section 181.07 hereof, credit may be taken for tax to be paid to or to be withheld and remitted to another taxing municipality.
(2) The original declaration (or any subsequent amendment thereof) may be increased or decreased on or before any subsequent quarterly payment date and provided for herein.
(d) Effective January 1, 2003, such declaration of estimated tax to be paid the Village by taxpayers who are individuals shall be accompanied by a payment of at least one-fourth (1/4) of 90% of the estimated annual tax and at least a similar amount shall be paid on or before July 31st and October 31st of the taxable year, and January 31st of the following year. Provided, however, that in case an amended declaration has been filed, the unpaid balance shown due thereon shall be paid in equal installments on or before the remaining payment dates.
(e) Effective January 1, 2003, such declaration of estimated tax to be paid to the Village by corporations and associations shall be accompanied by a payment of at least one-fourth (1/4) of 90% of the estimated annual tax and at least a similar amount shall be paid on or before June 15, September 15 and December 15. In the case of a fiscal year taxpayer the second, third, and fourth quarterly estimated payments shall be due on the fifteenth day of the sixth, ninth, and twelfth months of the taxable year, respectively.
(Ord. 2002-18. Passed 11-4-02; Ord. 2004-35. Passed 12-20-04.)