Every person who anticipates any taxable income which is not subject to Section 171.06, or who engages in any business, profession, enterprise, or activity subject to the tax imposed by Section 171.03, 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; provided, however, no declaration is due nor are quarterly estimated payments required if the estimated payments for the taxable year will total less than one hundred dollars ($100.00).
(Ord. 01-14. Passed 2-24-14.)
(a) (1) Such declaration shall be filed on or before April 15 of each year during the life of this chapter, or on or before the fifteenth day of the fourth month from the date in which the taxpayer becomes subject to tax for the first time.
(2) Those taxpayers reporting on a fiscal year basis shall file a declaration on or before the fifteenth day of the fourth month after the beginning of each fiscal year or period.
(3) Such declaration shall be filed upon a form furnished by, or obtainable from the Commissioner. Credit may be taken for Waterville income tax to be withheld, if any, from any portion of such income. In addition, credit may be taken for tax paid or payable to other taxing municipalities in accordance with the provisions of Section 171.15.
(4) 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.
(5) The taxpayer making the declaration shall, at the time of the filing thereof, pay to the Commissioner of Taxation at least twenty-two and one-half percent (22 1/2%) of the estimated annual tax after deducting:
A. Any portion of such tax to be deducted at the source pursuant to Section 171.06.
B. Any credit allowable under the provisions of Section 171.15; and
C. Any overpayment of previous year's tax liability which the taxpayer has not elected to have refunded.
(6) At least a similar amount shall be paid on or before the last of the seventh (7th), tenth (10th) and thirteenth (13th) months after the beginning of the taxpayer's taxable year, provided that where an amended estimate has been duly filed, or the taxpayer is taxable for a portion of the year only, the unpaid balance shall be paid in equal installments on or before the remaining payment dates.
A. The declarations for the 2nd, 3rd, and 4th quarters shall be due on July 31st and October 31st of the current year and on January 31st of the subsequent year. The amounts due on those dates are not to exceed forty-five percent (45%), sixty-seven and one-half percent (67 1/2%) and ninety percent (90%) respectively of the tax estimated to be due. (O.R.C. 718.08).
B. Taxpayers reporting on a fiscal year basis shall file a declaration within three months and fifteen days after the beginning of each fiscal year and at the end of the 7th, 10th and 13th months thereafter.
C. Effective January 1, 2003, no penalty or interest will be assessed for the late payment or nonpayment of estimated taxes, if the taxpayer was non domiciled in Waterville on the 1st day of January of the current calendar year or if the taxpayer has paid estimated payments equaling one hundred percent (100%) of the taxpayer's liability for the immediately preceding tax year, provided that the immediately preceding tax year reflected a 12 month tax period and the taxpayer filed a return for the immediately preceding year.
(O.R.C. 718.08)
(O.R.C. 718.08)
D. On or before the fifteenth (15th) 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 Waterville shall be paid in accordance with the provisions of Section 171.05.
E. Notwithstanding any provision or requirement of this chapter to the contrary, if a taxpayer resides or proposes to reside in Waterville, or engages in business or proposes to engage in business therein for a period of less than three months, or if the Commissioner determines that the residence of any taxpayer in Waterville or the period during which any taxpayer will engage in business in Waterville may reasonably be expected to be less than three months, the Commissioner may require any such taxpayer to file a declaration and/or a return within such time as he may reasonably fix, and to pay or secure the payment of any tax due or to become due and/or any tax withheld or required to be withheld during the period of residence or engagement in business or the period of such residence or engagement in business estimated by the Commissioner.
The date or dates fixed by the Commissioner for the filing of declarations or returns and/or for payments or security for payments of taxes pursuant to this subsection shall be in lieu of the dates for such filing or payment specified for taxpayers generally in this chapter.
(Ord. 11-04. Passed 10-11-04.)
(Ord. 11-04. Passed 10-11-04.)