Smart Tax featured in Lawn and Landscape Magazine

Smart Tax was featured in Lawn & Landscape Magazine discussing on what small businesses should consider and look out for to keep money in their pockets. Nick Rizzi discussed what things small business owners can easily overlook and slip through the cracks, and points out specific things to keep in mind during tax season. A portion of the article is included below and can be read in its entirety by clicking here.

7 Tax Deductions That Small Businesses Often Overlook

Not many small businesses have a dedicated CPA on board, making it easier to miss deductions that could lower their tax burden. “When people think of deductions they usually think of inventory, payroll, office supplies, rent and utilities,” said Nick Rizzi, CEO of Smart Tax, a Brooklyn, N.Y., tax preparation company. “What they don’t think of are the smaller things.”

This year, be sure to take advantage of all the tax breaks the law provides, starting with these seven areas:

1. Mileage. Be sure you’re deducting trips to meet with clients, run work-related errands and attend meetings and networking events, particularly with personal vehicles. Rizzi cautioned that you’ll need to log the date, destination, and start and end mileage for each trip.

2. Asset deductions. Section 179 of the IRS Code allows small businesses to take a depreciation deduction for certain capital expenditures in one year, rather than depreciating them over a longer period of time. If you’ve been hit hard by the recession, that could allow you to keep a bigger chunk of money in the short run.

3. Specialty items. If you own a building, you may be entitled to state and federal tax savings for building improvements, like adding special wiring or a soundproof room. Certain assets related to such projects qualify for accelerated depreciation, meaning you can take larger tax deductions over a shorter period – increasing your cash flow and lowering the cost of capital in the years following the project. For IRS purposes, be sure to have an engineer or architect conduct a cost segregation study, Rizzi said.

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Smart Tax listed by Business News Daily as 1 of 8 Low-Cost Franchise Opportunities for 2011

The New Year is the time for a fresh look on life and many people take it as a time to reevaluate their career paths since it’s such a huge component to anyone’s life. BusinessNewsDaily just published an article about 8 Low-Cost Franchise Opportunities for 2011 and Smart Tax was featured for their low initial investments and being home-based franchises. Check out a portion of the story below or read the full article here:

8 Low-Cost Franchise Opportunities for 2011

If you’re thinking 2011 is the year you’re going to start your own business, you might consider the thousands of franchise opportunities available. The International Franchise Association (IFA) web site is a good place to start pursuing your franchise ownership dream.

The organization relaunched its web site yesterday, adding functionality that makes it easier to access information about its 1,100 franchise members. (Read More)

Smart Tax highlighted in the Queens Ledger

Smart Tax was featured in a Queens Ledger article entitled, “Dude, Where’s my Tax Refund?” The article discusses the recent dilemma where the Postal Service sent $2 million worth of undelivered tax refunds for 1,231 Queens residents back to the Internal Revenue Service due to mailing address errors. Read below for a portion of the story of check out the full article here.

Dude, where's my tax refund?

Queens residents waiting for their tax refunds have their own mailing addresses to blame.

The Postal Service sent $2 million worth of undelivered tax refunds for 1,231 Queens residents back to the Internal Revenue Service due to mailing address errors.

The checks went to people who have not updated their addressees, said IRS spokesperson Dianne Besunder, adding that the federal government is eager to return the money.

“We want [them] to get this money as soon as possible,” she said.

This year the average refund for New York State taxpayers was $2,471, up from $1,581 last year.

The Queens residents still waiting for their checks are owed on average $1,624.

“People are coming in and saying I didn't get my check,” said Nick Rizzi, the owner of Smart Tax, a tax preparation service with 30 locations- including four in Queens- that serves approximately 30,000 clients each tax season. (Read More)