890.07  DECLARATIONS OF ESTIMATED TAX LIABILITY.
   (a)   Requirements for Filing.  Every person who anticipates any taxable income which is not subject to withholding provisions of Section 890.06 of this chapter or who engages in any association, business, profession, enterprise or activity subject to the tax imposed by Section 890.03 of this chapter and such income, when multiplied by the tax rate imposed by this chapter, less credits allowed under Section 890.14 of this chapter, results in estimated tax due of two hundred fifty dollars ($250.00), effective January 1, 2001 (fifty dollars ($50.00) prior to January 1, 2001) or more, shall file a declaration setting forth such estimated income or estimated profit, together with the estimated tax due thereon, during the year covered by the declaration. Any taxpayer, who is an individual, and did not reside in the City, JEDZ or JEDD on the first day of January of the current calendar year shall not be required to file a declaration of estimated tax; however, he may choose to do so to avoid a large tax payment due with the annual filing.
   (b)   Dates for Filing.
      (1)   Individual taxpayers shall file such declaration on or before April 15 of each year, disregarding any extension, during the life of this chapter.
      (2)   Business taxpayers shall file such declaration 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.
   (c)   Declaration Form.  Such declaration shall be filed upon a form furnished by, or obtainable upon request from the Income Tax Division, or on a form described in Section 890.05(a)(2) of this chapter.
   (d)   Amending Declaration. The original declaration, or any subsequent amendment thereof, may be increased or decreased on or before any subsequent quarterly payment date as provided for herein. If an amended declaration of estimated tax has been filed, the unpaid balance shown due thereon shall be paid in equal installments on or before the remaining payment dates.
   (e)   Quarterly Estimated Tax Payments.
      (1)   For taxpayers who are individuals, such declarations of estimated tax to be paid the City, JEDZ or JEDD shall be accompanied by a payment of at least 22.5% of the estimated annual tax, and 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 taxable year.
      (2)   For taxpayers who are not individuals, such declarations of estimated tax to be paid the City, JEDZ or JEDD shall be accompanied by a payment of at least 22.5% of the estimated annual tax, and at least a similar amount shall be paid on or before the fifteenth day of the sixth, ninth and twelfth months after the beginning of the taxable year.
   (g)   On or before April 15 or the fifteenth day of the fourth month 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 City, JEDZ or JEDD shall be paid therewith in accordance with the provisions of Section 890.05 of this chapter.
   (g)   The declaration of estimated tax shall be no less than 100% of the taxpayer's tax liability for the preceding year, provided that the return for the preceding year reflected a twelve-month period and the taxpayer filed a return for the preceding year.
   (h)   Any entity (individual, corporation or association) may pay 100% of the prior year's tax in four equal installments in the current year and avoid any underpayment of estimated tax penalty/interest. Prior year tax of zero or a prior year loss will not avoid penalty/interest. No penalty or interest for failure to pay estimated tax will apply to an entity whose tax for the year, after credit for tax withheld, is less than one hundred dollars ($100.00). A declaration of estimated tax which is less than 90% of the tax shown to be due on the final return shall not be considered in good faith.
(Ord. 01-52. Passed 11-19-01; Ord. 05-48. Passed 9-6-05; Ord. 09-71.  Passed 12-21-09; Ord. 10-35.  Passed 12-6-10.)