(a) Every taxpayer or person who anticipates any taxable income which is not subject to Section 181.07 hereof or who engages in any business, profession, enterprise or activity 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.
(b) Such declaration shall be filed on or before April 30 for individual taxpayers and April 15 for non-individual taxpayers of each year during the life of this chapter, or within four months of the date of the taxpayer becomes subject to the tax for the first time.
(c) Such declaration shall be filed upon a form or forms furnished by or obtainable from, the Tax Administrator or on a generic form. Such form or forms may require a statement that the figures used in making such declaration are the figures used in making the declaration of the estimate for the federal income tax adjusted to set forth only such income as is taxable under the provisions of this chapter.
(d) (1) For tax years prior to January 1, 2003, such declaration of estimated tax to be paid to the Municipality shall be accompanied by a payment of at least one-fourth of the estimated annual tax and at least a similar amount shall be paid on or before July 31, October 31 and January 30.
(2) Beginning January 1, 2003, taxpayers who are individuals shall remit payment of estimated taxes as follows:
A. Twenty-two and one-half per cent of the taxpayer's estimated tax liability for the current year shall be remitted on or before the thirtieth day of April or the day on which the annual tax return for the prior year is required to be filed disregarding any extension, as prescribed by ordinance or rule of the Village.
B. Forty-five per cent of the taxpayer's estimated tax liability for the current year shall have been remitted on or before the thirty-first day of July.
C. Sixty-seven and one-half per cent of the taxpayer's estimated tax liability for the current year shall have been remitted on or before the thirty-first day of October.
D. Ninety per cent of the taxpayer's estimated tax liability for the year referred to in subsection (d)(2)A. B. and C. of this section shall have been remitted on or before the thirty-first day of January following said year.
(3) Any amount deducted and withheld for taxes from the compensation of an individual shall be considered as estimated taxes paid in equal amounts on each of the payment dates prescribed by subsection (c) of this section.
(4) Beginning January 1, 2003, taxpayers that are not individuals shall remit payments of estimated taxes as follows:
A. Twenty-two and one-half per cent of the taxpayer's estimated tax liability for the current year shall be remitted on or before the day on which the annual tax return for the prior year is required to be filed disregarding any extension or, in the case of a fiscal year taxpayer, the fifteenth day of the fourth month of the taxpayer's taxable year.
B. Forty-five per cent of the taxpayer's estimated tax liability for the current year shall have been remitted on or before the fifteenth day of June or, in the case of a fiscal year taxpayer, the fifteenth day of the sixth month of the taxpayer's taxable year.
C. Sixty-seven and one-half per cent of the taxpayer's estimated tax liability for the current year shall have been remitted on or before the fifteenth day of September or, in the case of a fiscal year taxpayer, the fifteenth day of the ninth month of the taxpayer's taxable year.
D. Ninety per cent of the taxpayer's estimated tax liability for the current year shall have been remitted on or before the fifteenth day of December or, in the cases of a fiscal year taxpayer, the fifteenth day of the twelfth month of the taxpayer's taxable year.
However, 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 date or dates, but in no case shall a payment be required which constitutes a greater percentage of the taxpayer's estimated tax liability than required above.
(5) An amended declaration must be filed on or before January 31 of any year or in the case of a taxpayer on a fiscal year accounting basis, on or before the date fixed by regulation of the Tax Administrator, if it appears that the original or amended declaration made for the preceding year underestimated the taxpayer's income by twenty percent or more. At such time a payment which, together with prior payments is sufficient to pay taxpayer's entire estimated liability, shall be made. If upon the filing of the return required by Section 181.06 hereof, it appears that the taxpayer did not pay eighty percent of his tax liability, as shown on such return, on or before January 31 or the date fixed by regulation, whichever is applicable, the difference between eighty percent of such taxpayer's liability and the amount of estimated tax he actually paid on or before January 31 or the date fixed by regulation, whichever is applicable, shall be subject to the interest and penalty provisions of Section 181.11 hereof. However, any taxpayer whose declared taxes are equal to or greater than the tax paid in the previous year or who was not domiciled in the municipality on the first day of January of the tax year for which the declaration is made shall not be assessed any interest or penalty for any increased taxes found to be due in the current year.
(6) Such declaration shall indicate that the estimated tax is being withheld under provisions of Section 181.07 hereof or is being paid to another municipality under a similar ordinance.
(e) On or before April 15, or the date provided by subsection (d) of the year following that for which such declaration or amended declaration was filed, an annual return shall be filed and any balance which may be due the Municipality shall be paid therewith in accordance with the provisions of Section 181.11 hereof.
(Ord. 05-114. Passed 5-5-05; Ord. 09-114. Passed 5-7-09.)
(Ord. 05-114. Passed 5-5-05; Ord. 09-114. Passed 5-7-09.)