(a) Net profits.
(1) Every taxpayer making net profits shall, on or before April 15 of the current year, make and file with the Income Tax Officer on a form prescribed or approved by the Officer, a declaration of his or her estimated net profits during the period beginning January 1, and ending December 31 of the current year, and pay to the Officer in four quarterly installments, as nearly equal as possible, the tax due thereon as follows: The first installment at the time of filing the declaration, and the other installments on or before June 15, of the current year, September 15 of the current year, and January 15 of the succeeding years, respectively.
(2) Any taxpayer who first anticipates any net profit after April 15 of the current year, shall make and file the declaration hereinabove required on or before June 15 of the current year, September 15 of the current year, or December 31 of the current year, whichever of these dates next follows the date on which the taxpayer first anticipates such net profit, and pay to the Officer in installments, as nearly equal as possible, the tax due thereon, on or before the quarterly payment dates which remain after the filing of the declaration.
(3) Every taxpayer shall, on or before April 15, of the succeeding year, make and filewith the Officer on a form prescribed or approved by the Officer a final return and reconciliation showing the amount of net profits earned during the period beginning January 1 of the current year and ending December 31 of the current year, the total amount of tax due thereon and the total amount of tax paid thereon. At the time of filing the final return, the taxpayer shall pay to the Officer the balance of the tax due or shall make demand for refund or credit in the case of overpayment. Any taxpayer may, in lieu of paying the fourth quarterly installment of his or her estimated tax, elect to make and file with the Officer on or before January 31 of the succeeding year, the final return as hereinabove required.
(4) The Officer is hereby authorized to provide by regulation for the making and filingof adjusted declarations of estimated net profits, and for the payments of the estimated tax in cases where a taxpayer who has filed the declaration hereinabove required, anticipated additional net profits not previously declared or finds that he or she has overestimated his or her anticipated net profits.
(5) Every taxpayer who discontinues business prior to December 31 of the current year, shall, within thirty days after the discontinuance of business, file his or her final return as hereinabove required and pay the tax due.
(b) Earned income.
(1) Annual earned income tax return. Every taxpayer shall, on or before April 15, of the succeeding year, make and file with the Officer on a form prescribed or approved by the Officer a final return showing the amount of earned income received during the period beginning January 1 of the current year, and ending December 31 of the current year. Such final return shall also show the total amount of tax due thereon, the amount of tax paid thereon, and the amount of tax thereon that has been withheld pursuant to the provisions relating to the collection at source and the balance of tax due. At the time of filing the final return, the taxpayer shall pay the balance of the tax due or shall make demand for refund or credit in the case of overpayment.
(2) Earned income not subject to withholding. Every taxpayer who is employed for a salary, wage, commission, or other compensation and who received any earned income not subject to the provisions relating to collection at source, shall make and file with the Officer on a form prescribed or approved by the Officer a quarterly return on or before April 30, of the current year, July 31, of the current year, October 31, of the current year, and January 31, of the succeeding year, setting forth the aggregate amount of earned income not subject to withholding by him or her during the three-month periods ending March 31, of the current year, June 30, of the current year, September 30, of the current year, and December 31, of the current year, respectively, and subject to the tax, together with such other information as the Officer may require. Every taxpayer making such returns, shall, at the time of filing thereof, pay to the Officer the amount of tax shown as due thereon.
(c) Death of taxpayer. In the event of the death of a taxpayer during a taxable period, his or her personal representative shall file his or her return on or before the 15th day of April of the year following the date of death and on or before such date shall pay any tax due from such deceased taxpayer under this chapter or demand refund in the case of over-payment.
(d) Guardian of taxpayer. Should a guardian of the estate be appointed for a taxpayer such guardian shall be imputed with the same duties and responsibilities as the taxpayer would have regarding the reporting and paying of taxes under this chapter.
(Ord. 24-09. Passed 1-21-10.)