Estimated Tax Worksheet - City Of Ionia Declaration Of Estimated Tax I-1040es printable pdf download

CITY OF IONIA DECLARATION OF ESTIMATED TAX I-1040ES

excess of the tax withheld. Therefore, declarations are required

other compensation for services rendered or work

only from individuals whose wages or other income is not subject

performed in Ionia, net rental income from property in

to city withholding tax and whose tax due exceeds the amounts

Ionia, net profits from a business, profession or other

specified in 2 below. In general, the definitions of income,

activity to the extent that it is from work done, services

deductions, exemptions, etc., are the same as those on form 1040.

rendered or activity conducted in Ionia, capital gains less

capital losses from the sale of real or tangible personal

2. Who must make a Declaration: Individuals and

property located in Ionia.

Unincorporated Businesses-Every resident or non-resident who

expects taxable income from which the city income tax will not be

5. How to File: Your annual return for the preceding year

withheld, must file a Declaration of Estimated Income Tax. A

may be used as the basis for computing your declaration of

Declaration is not required if the estimated tax on line 6 is less than

estimated tax for the current year. You may use the same

one hundred dollars ($100.00). Joint filers must file a joint

figures used for estimating your federal income tax adjusted

declaration.

to exclude any income or deductions taxable or permissible

under the Ionia Income Tax Ordinance.

Corporations- Every corporation subject to the tax on all or

part of its net profit must file a Declaration of Estimated

6. Withholding Tax Credits and Other Credits (line 5):

Income Tax. A Declaration is not required from

Withholding Tax Credit You may subtract from your

corporations if the estimated tax on line 6 is Two Hundred

estimated Ionia Income Tax (line 4), the amount of Ionia

Fifty Dollars ($250.00) or less.

income tax expected to be withheld or overpayment of

previous year's City of Ionia Income Tax final return.

Partnerships - A partnership whose partners are subject to

Income Tax paid by Partnership If you are a member of a

the tax on all or part of their distributive share of net profits

partnership which elects to file a return and pay the tax on

may file a Declaration of Estimated Income Tax, and the

behalf of its partners, you may subtract from your estimate

partners will not be required to file as individuals unless

of Ionia income tax, the amount of tax expected to be paid

they have other income which the Ionia income tax is

by the partnership for your distributive share of net profits.

expected to exceed one hundred dollars ($100.00). The

Income Tax Paid to Another Michigan City If you are a

names, addresses and social security numbers of the

resident of the City of Ionia and pay income tax to another

partners on whose behalf the Declaration is filed shall be

city in Michigan on income earned outside the City of Ionia,

shown on a separate schedule.

you may subtract from your estimate of Ionia Income Tax

the amount of income tax expected to be paid to another

city. The credit may not exceed the amount of taxes

3. When and Where to File Declarations and Pay Tax:

a. Calendar Year - The Declaration for the year must be

assessable under the Ionia Income Tax Ordinance on the

filed on or before April 30 of the present year or when

same income.

you become liable during the year.

7. Amended Declaration: If, after you have filed a

b. Fiscal Year - The Declaration for a fiscal period must be

Declaration, you find that your estimated tax is substantially

made within four (4) months after the beginning of the

increased or decreased as a result of a change in your income

fiscal period.

or exemptions, you may amend your estimate at the time of

making any quarterly payment. Use the form provided or

c. Filing - The Declaration shall be filed with the City

you may obtain forms or information from the Income Tax

Income Tax Division, PO Box 512, Ionia, Mi 48846.

Division, 114 N. Kidd Street, PO Box 512, Ionia, MI

48846 or by calling 616-527-5729.

d. Payment - The estimated tax may be paid in full with the

Declaration or in four (4) equal installments on or

8. Penalties and Interest: If the total amount of tax

before April 30, June 30, September 30 and January 31.

withheld or paid by Declaration is less than seventy percent

Each installment must accompany one of the vouchers

(70%) of the tax due of the current or immediately

provided. Seventy percent (70%) of the taxpayer's total

preceding year, interest and penalties will be charged.

tax due or previous year tax due must be paid by

January 31st.

9. A worksheet is provided on the next page. Please retain

the worksheet for your records.

e. Always file Voucher 1 with initial payment whenever

you become liable during the year.

10. An Annual Return is required to be filed by the due date.

I-1040 and calendar year due date is April 30th.

4. Income Subject to the Ionia Income Tax (line 1):

Residents - All salaries, wages, bonuses, commissions and

other compensation, net profits from business or profession,

net rental income, capital gains less capital losses, dividends,

interest, income from estates and trusts and other income.

Non-residents – Salaries, wages, bonuses, commissions or

ESTIMATED TAX WORKSHEET (Keep For Your Records - Do Not File)

INSTRUCTIONS PAGE 8 - For HELP call 527-TAXS

Estimated Tax Worksheet - City Of Ionia Declaration Of Estimated Tax I-1040es

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