A taxfiler required under Section 7.02.520 to make payments of estimated business taxes must make the payments in installments as follows:

1. A. One quarter or more of the estimated tax on or before the 15th day of the 4th month of the tax year; and
2. B. One quarter or more of the estimated tax on or before the 15th day of the 6th month of the tax year; and
3. C. One quarter or more of the estimated tax on or before the 15th day of the 9th month of the tax year; and
4. D. The balance of the estimated tax must be paid on or before the 15th day of the 12th month of the tax year.
5. E. Any payment of the estimated tax received by the Division for which the taxfiler has made no designation of the quarterly installment to which the payment is to be applied, will first be applied to underpayments of estimated taxes due for any prior quarter of the tax year.  Any excess amount will be applied to the installment that next becomes due after the payment was received.