Area Businesses Should Prepare Now for Sales Tax Increase
Toledo-area businesses in Lucas County and the city of Rossford need to be ready for a sales & use tax increase that takes effect on April 1, 2022. According to the Ohio Department of Taxation, the .5% increase enacted by the Toledo Area Regional Transit Authority (TARTA) will raise the sales tax rate in Lucas County from 7.25% to 7.75%, and in the city of Rossford from 6.75% to 7.25%. The increase does not apply to all of Wood County.
While such increases aren’t uncommon, we are sharing this as an important reminder, as the rate change will likely impact many GJM clients, and it’s important that the appropriate members of your team are aware of the need to charge a different rate effective April 1, 2022.
“Sales tax is one of those taxes small businesses can struggle with,” says GJM Tax Manager Matt Alic, who specializes in state and local tax. “It can be a complicated area for tax, though this is a fairly straightforward change. Businesses will want to be sure to make the necessary changes moving forward.”
Should you have any questions or concerns about the rate change and how it impacts your business, please reach out to your GJM team for guidance. You can also learn more at the Ohio Department of Taxation website.
Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting and provides comprehensive services including assurance, business & transaction advisory, healthcare management & advisory, outsourced accounting, and risk advisory. The firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution, nonprofit, private equity and utilities.
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Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting and provides comprehensive services including assurance, business & transaction advisory, healthcare management & advisory, outsourced accounting, and risk advisory. The firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution, nonprofit, private equity and utilities.
