(a) Every person who anticipates any taxable income, which is not subject to Section 181.06 hereof, or who engages in any business, profession, enterprise, or activity subject to the tax imposed by Section 181.03 hereof, shall file a declaration setting forth the estimated taxable income or the estimated profit or loss from such business activity together with the estimated tax due thereon. The declaration must be filed only if the estimated tax not withheld in whole or in part exceeds four hundred dollars ($400.00).
(b) (1) Such declaration shall be filed on or before April 15 of each year or within four (4) months of the date the taxpayer first becomes subject to the tax or within three (3) months of having a tax liability which exceeds four hundred dollars ($400.00).
(2) Those taxpayers reporting on a fiscal year basis shall file a declaration on or before the 15th day of the fourth month after the beginning of each fiscal year.
(c) (1) Such declaration shall be filed on a form obtainable from the Tax Administrator. Credit shall be taken for the City of Tallmadge income tax to be withheld, if any, from any portion of such taxable income. In addition, credit may be taken for tax payable to other taxing municipalities in accordance with the provisions of Section 181.15 hereof.
(2) 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.
(d) The taxpayer making the declaration shall, at the time of filing thereof, pay to the Tax Administrator at least twenty-five percent (25%) of the estimated annual tax due after deducting:
(3) Any overpayment of the previous year's tax liability, which the taxpayer has not elected to have refunded.
(e) If the taxpayer is an individual, at least a similar amount to that paid in accordance with paragraph (d) shall be paid on or before the last day of the seventh (7th), tenth (10th), and thirteenth (13th) months after the beginning of the taxpayer’s taxable year. In the case where an amended declaration has been filed, the unpaid balance shall be paid in equal installments on or before the remaining payment dates.
(f) If the taxpayer is a corporation or association, at least a similar amount to that paid in accordance with paragraph (d) shall be paid on or before the fifteenth day of the sixth, ninth, and twelfth months of the taxable year. In the case where 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.
(g) No penalties or interest shall be assessed, for not filing a declaration, on any resident taxpayer who was not domiciled in the City 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 one hundred percent of the previous year’s tax liability, provided that the previous year reflected a twelve-month period and the taxpayer filed a return for that year, nor shall penalties or interest be assessed on estimated payments if the taxpayer has remitted an amount equal to ninety percent of the final tax liability for the tax year due on or before April 15th of the current year.
(Ord. 114-2008. Passed 12-11-08.)