Business Tax Information and Forms

This page will provide you with a quick overview of Village of Fairfax Earnings Tax Requirements. Not all regulations/policies can be covered here, see Tax Ordinance and Rules and Regulations on this website.  Please contact the Tax Department directly with any questions: 513-527-6506. Hours: M-F 8:30am -5:00pm (Lunch 12:30 – 2pm)

CHANGES BEGINNING TAX YEAR 2016

Interest rate –

Interest rate for 2016 Returns is 5% per annum (0.42% per month);

2017 Interest rate is 6% per annum (0.50% per month)”;

interest rate for 2015 Returns and prior Returns is 12% per annum (1.00% per month).

 

For a tax year beginning on January 1, 2017, the interest rate to be applied to unpaid estimated tax, unpaid income tax and unpaid withholding balances is 6% per annum. This rate is being published in accordance with Ohio Revised Code 718.27 (F).   This rate is effective from January 1, 2017 through December 31, 2017 and does not apply to tax balances for any prior years, regardless of when they are filed. This is in accordance with Village of Fairfax Tax Ordinance 32-2015 Section X. (See above for interest rates for the 2016 Return and any prior years.)

 

 

Penalty Rate

Unpaid or late payment of estimated tax and unpaid or late payment of income tax, the penalty rate is 15% of the amount not timely paid.
“Late Filing” of tax returns shall be charged a monthly rate of $25 for each return not filed or filed late. The penalty shall not exceed $150 assessed on each returned.

Unpaid Withholding Tax has a penalty equal to 50% of the amount not timely paid. This penalty applies to any part of  month past due.

 

Estimated Tax

Quarterly payments required when estimated tax for 2016 and any tax year thereafter is $200.00 or more.

Quarterly Estimated Tax Due Dates

1st QUARTER due on April filing deadline for tax return.

2nd QUARTER due June 15th.

3rd QUARTER due September 15th.

4th QUARTER due December 15th.

Fiscal years change accordingly

Total estimated tax paid by December 15th must equal amount of tax paid the previous year OR equal 90% of total due for the current tax year to avoid penalty and interest for late payment of estimated tax.

Withholding Payers – De Minimus Rule Now 20 Days and Changes in Application. (See “Summary for 20 day rule and other changes” in list of forms)

Details are located in Ordinance No. 32-2015 Section V.052.

New beginning with 2016 Returns and years thereafter, amounts of $10.00 or less shall not be collected or refunded.

 

NOTE: 2016 FILING DUE DATE IS APRIL 18th 2017 EXTENDED PER FEDERAL and STATE REGULATIONS.

REQUESTS FOR EXTENSIONS MUST BE FILED BEFORE DUE DATE. Extension is only for filing the return NOT payment of tax due. Tax estimated to be due must be paid by April due date of the return for that year to avoid penalty and interest.

Who Must File

Businesses:   Must file an annual tax return even if no tax is due. If your business has employees working in the Village of Fairfax, you must also file an annual “Reconciliation of Withholdings” form and provide all employee W-2’s, ” Local Data” naming other cities for which tax was withheld and 1099Misc. forms issued for work done in the Village of Fairfax.

Tax Information

Tax Rate: Currently 1.75%, effective April 1, 2004. For 2004 returns on a calendar year, use an average rate of 1.625%. F.Y.E. 2003 and 2004 use 1.25% through 3-31-04 and 1.75% rate for any months after 3-31-04.

Obtaining Forms:

Forms are on this website and available in the lobby of the Municipal Building 9:00 AM – 5:00 PM Monday through Friday. You may e-mail us requesting a tax form. In January of each year, tax forms are mailed to registered residents and businesses of the Village.

IF YOU DO NOT RECEIVE A FORM BY MAIL, IT IS STILL YOUR RESPONSIBILITY, WHETHER INDIVIDUAL OR BUSINESS, TO FILE A TAX RETURN.

Filing Business Returns

All businesses must file an annual tax return even if no tax is due. If you have employees working in the Village of Fairfax, you must also pay withholding tax on their wages and file a “Reconciliation of Withholdings” form that includes all employee W-2’s and other items listed on the form.

  • Business tax returns are due April 15th if operating on a calendar year or on the 15th day of the fourth month after the close of the fiscal year.
  • Include a copy of the Federal Tax Return filed by your company. Also attach supporting schedules for items added or deducted on Fairfax Schedule X, (reverse side of return).
  • Sole proprietors may file on an “Individual Return” and attach Federal Schedule C.
  • Estimated tax is due quarterly on any estimated liability of over $200.00. If you need an estimated tax form call the Tax Office at 527-6506. Form will be mailed or faxed to you.
  • Withholding on Employee Wages: Earnings Tax of 1.75% must be deducted by each employer on all wages earned in the Village of Fairfax. Employee Withholding is submitted monthly if Withholding in any month of the preceding calendar quarter exceeded $200.00 or the total withholding for the prior year exceeded $2999.00; or quarterly.  Quarterly payments are due on the last day of the month following the end of each quarter.   Monthly payments are due on the 15th day of the next month.
  • Annual Reconciliation of Withholding is due February 28 of each year. You must attach W-2’s or computer print out giving the same information for each employee and copies of any 1099 Misc. forms issued for work done in the Village of Fairfax. See form for all filing requirements.

 

To view or print a form or document listed below, click on that item.

Business Registration / Census Form

Quarterly Estimated Taxes

Business Tax Return 2015 and prior years

Business Tax Return 2016 and years thereafter

Instructions for Business Net Profit

Instructions for Tax Withheld

Summary for 20 Day Rule and Other Changes

Ordinance No. 51-2008 (2015 Returns & Prior)

Ordinance No. 32-2015 (2016 Returns & After)

Update to Qualifying Wages for Withholding

Reconciliation for Employees Withholding

Tax Rules and Regulations

Subcontractor Listing Form

Amendments to Tax Ordinance No.51-2008

Employer’s Quarterly Withholding

Letterhead Business Tenant Update