Every person who anticipates any taxable income which is not subject to Section 191.07 or who engages in any business, profession, enterprise or activity subject to the tax imposed by this chapter, and who expects to make a payment with declaration of one hundred dollars ($100.00) or more for all declarations 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 (not to be less than one hundred dollars ($100.00) per year). However, if a person's income is wholly from wages, salaries, commissions or other compensation from which the tax will be withheld and remitted to the City in accordance with Section 191.07, such person need not file a declaration.
Such declarations shall be filed according to one of the following three alternatives. On April 15 of each year the taxpayer must elect one of the alternatives and remain with that alternative for a minimum of one year.
Alternate 1: The taxpayer shall file a declaration and payment for the first six months on April 15 of that year and for the second six months on October 31 of that year. Fiscal taxpayers shall file declarations on the fifteenth day of the fourth and tenth month of their fiscal year accordingly.
Alternate 2: The taxpayer shall file a declaration and payment quarterly in accordance with the Federal income tax on April 15, July 31, October 31, and January 31 of the succeeding year for a quarter of a year. Fiscal taxpayers shall pay on the fourth, sixth, ninth and the first month of the following year accordingly.
Alternate 3: One declaration shall be filed, with payment on April 15 for the entire year. Fiscal taxpayers shall pay on the fifteenth of the fourth month according to their fiscal year.
Such declarations shall be filed upon a form furnished by, or obtainable from the Department of Finance, Income Tax Division.
On or before the fifteenth day of the fourth month of the year following that for which such declaration(s) was filed, an annual return shall be filed and any balance which may be due the City shall be paid therewith in accordance with the provisions of Section 191.05.
A declaration of estimated tax which is less than ninety percent (90%) of the tax due as shown on the annual return shall not be considered filed in good faith. The difference shall be subject to penalties and interest as provided for in Section 191.13.
(Ord. 04-52. Passed 12-7-04.)