(a) Every person who anticipates any taxable income which is not subject to Section 173.05 hereof, or who engages in any business, profession, enterprise or activity subject to the tax imposed by Section 173.03 hereof, shall file a declaration setting forth the estimated income or the estimated profit or loss from the business activity, together with the estimated tax due thereon, if any. However, if a person's income is wholly from wages from which the tax will be withheld and remitted to this Municipality in accordance with Section 173.05, the person need not file a declaration.
(b) This declaration shall be filed on or before April 15th of each year during the effective period of this chapter, or within four months of the date the taxpayer becomes subject to tax for the first time. Those taxpayers reporting on a fiscal year basis shall file a declaration within four months after the beginning of each fiscal year or period.
(c) This declaration shall be filed upon a form furnished by or obtainable from the Income Tax Supervisor, provided, however, credit shall be taken for this Municipality's income tax to be withheld from any portion of such income. In accordance with the provisions of Section 173.13, credit may be taken for tax to be paid to or to be withheld and remitted to another taxing municipality. 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 declaration of estimated tax to be paid this 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 the 15th day of the sixth, ninth and twelfth months after the beginning of the taxable year. However, in case an amended declaration has been filed, the unpaid balance shown thereon shall be paid in equal installments on or before the remaining payment dates.
(e) The taxpayer shall base his estimated tax on the preceding year's tax liability or by annualizing if the preceding tax period was not for a full twelve-month period. In that case, if each installment is paid on that basis, no interest or penalty shall apply for underestimate, regardless of the final tax liability, except in the case where the required return and final return payment have not been submitted within the four-month period after the close of the tax year.
(f) An annual return shall be filed and any balance which may be due this Municipality shall be paid therewith in accordance with the provisions of Section 173.04.
(Ord. 4173. Passed 12-9-03.)