Tax is due as you earn the income throughout the year. Estimate payments are necessary when your tax due for the year, in addition to what is withheld from your wages, is $100 or more. The tax is required to be paid on the estimate payment due dates of April 15, July 31, October 31, and January 31 for individuals and April 15, June 15, September 15, and December 15 for businesses. April 15 of each year is the due date for filing the annual income tax return and comparing your total tax with what has already been paid and withheld. The goal is to pay 100 percent of your prior year’s tax or 90 percent of your current year’s tax. If you do not make estimate payments, you may be charged interest at the annual rate of 18 percent. The estimate payment requirements have been part of the ordinance since the tax was enacted. The State of Ohio and the IRS also have estimate payment requirements.
(See Section 7 of Ordinance No. 1976-106, as amended and Article VII of the Rules and Regulations that complement the Ordinance.)