The Taxation Compliance section of the Finance Department's Division of Revenue and Taxation ensures that all citizens pay their fair share of income tax. This area of the Finance Department helps collect more than $116 million in income tax revenues.
Below is important information regarding tax filing for businesses and individuals:
- If you are required to fill out a City tax form but do not do so, you will be subject to a non-filing fee of between $50.00 and $500.00 per month.
- Estimated quarterly tax payments are mandatory if you expect your tax liability will exceed $100.00 in 2008. Ninety percent of your total tax liability must be remitted prior to January 31, 2009.
- Business and rental losses can no longer be deducted from W2 wages and corresponding employer-withheld taxes paid to create a refund.
- 2106 business expenses are deductible only to the extent allowed by the IRS. Not all deductions allowed for federal taxes are allowed for City tax calculations.