|2106 BUSINESS EXPENSES
||2106 Business Expenses are limited to the amount deductible for federal tax purposes.
||Individuals under 18 years of age are NOT exempt from paying municipal income tax.
|BALANCE DUE/OVERPAYMENT INFORMATION
||Amounts under $10.01 will not be collected or refunded.
|ESTIMATED PAYMENT REQUIREMENTS
||Quarterly payments of estimated tax are required if the anticipated amount due is $200 or more.
|FILING FREQUENCY DESCRIPTION
||If withholding amount is $2,400 or more in the immediately preceding calendar year or more than $200 in any one month of the preceding calendar quarter, file monthly - due date is the 15th day of the following month. All employers not required to file monthly, file quarterly - due date is the 15th day of the month following the end of the quarter.
||Lottery and gambling winnings are taxable - no minimum. Gambling losses may not offset gambling winnings unless the taxpayer is a professional gambler per IRS regulations.
|NET OPERATING LOSS
||Beginning with losses incurred in 2017, a net operating loss may be carried forward for 5 years. For losses incurred in tax years 2017, 2018, 2019, 2020 and 2021, only 50% of the carried forward loss may be deducted in each subsequent year. For pre-2017 losses see Special Notes For Tax Years 2015 and Prior.
||S-Corp distributive shares that do not represent wages are generally not taxable and should not be reported on Form 37, Schedule J.