Smart Tax featured in Nashville Business Journal

Smart Tax was recently featured in an article in the Nashville Business Journal entitled, “Smart Tax to enter Nashville tax-prep market.” The article discusses the expansion plans into Nashville and the type of entrepreneurs that they are looking to attract. In addition, Nick shares the impact and creation of jobs that Smart Tax has the ability to make in the market. Click here to view the article in its entirety!

Smart Tax to enter Nashville tax-prep market
By Brian Reisinger

Tax preparers stand to face a new competitor as a New York-based franchisor moves into Nashville with the expectation of creating more than 100 jobs over the next five years.

Nick Rizzi, CEO of Smart Tax, said his company intends to open its first locations by January 2012 for the next tax season. The company targeted Nashville because it believes the area is under served, with many people flowing to big-name providers he plans to compete with.

(Read More)

Smart Tax Featured in the Nashville Business Journal

Smart Tax was recently featured in the Nashville Business Journal in an article entitled, “Smart Tax to enter Nashville tax-prep market.” It discusses the expansion plans into Nashville and the type of entrepreneurs that they are looking to attract. In addition, CEO Nick Rizzi shares the impact and creation of jobs that Smart Tax has the ability to make in the market. The circulation of the Nashville Business Journal is 7,372 and will be a great way to inform potential franchisees about Smart Tax. Click here to view the full article!

Smart Tax to enter Nashville tax-prep market
Nashville Business Journal - by Brian Reisinger, Staff Writer
Date: Thursday, May 26, 2011, 2:51pm CDT

Tax preparers stand to face a new competitor as a New York-based franchisor moves into Nashville with the expectation of creating more than 100 jobs over the next five years.

Nick Rizzi, CEO of Smart Tax, said his company intends to open its first locations by January 2012 for the next tax season. The company targeted Nashville because it believes the area is under served, with many people flowing to big-name providers he plans to compete with.

“Nashville happens to be one of those areas where there’s just not enough for the area,” Rizzi said.

Smart Tax sells rights to franchisees who own or want to start their own tax service, offering them the benefit of marketing, training and some standardization of methods. Rizzi anticipates opening five to six locations over the course of the next two tax seasons, ultimately reaching about one dozen spots in the Nashville area.

Those offices would ultimately employ between 100 and 130 people, to help area residents prepare their taxes, he said.

(read more)

Smart Tax featured in The Wall Street Journal

Recently, Smart Tax was featured in an article entitled “Franchisees Make Multiunit Ownership Their Mission." The article discussed the growth of multi-unit expansion and how multi-unit concepts are becoming more common and the ultimate goal for franchisees who purchase them. Yvonne Murray, Smart Tax's multi-unit franchisee cites the work/life balance that owning Smart Tax units gives her as one of the reasons she went into franchising after managing a Smart Tax location for Nick Rizzi, Founder and CEO of Smart Tax. Click here to view the full article, or you can view it below!

Smart Tax featured on BNET.com

Recently, Smart Tax was featured on BNET.com in a column entitled, “The Accidental Franchisor.” Nick Rizzi, CEO of Smart Tax, shares his experience as a small business owner and the route he took to creating Smart Tax. Understanding that the tax industry was a profitable recession-resistant field, Rizzi knew he wanted to get into the industry and initially believed that he would join an established franchise. When the territory in Brooklyn he wanted was sold out, Rizzi decided to bypass the competition and start Smart Tax. Rizzi shares some of the obstacles and challenges that he experienced as a new business owner such as a roof leak, which the landlord refused to fix. After finding success with Smart Tax, Rizzi launched the company as a franchise in 2010, which has grown tremendously to a 27 unit franchise. Click here to view the full article!

The Accidental Franchisor
By Nick Rizzi, Founder and CEO, Smart Tax, Brooklyn, N.Y.

Six years ago I decided that knowing how to do taxes would help me broaden my financial advisory practice. After doing the math, however, I realized that for just three or four months of work, a tax preparer can make more than some financial advisers make in a year. I knew I wanted to get into this business.

It seemed like the easiest way to get started would be to buy into one of the established franchise models, so that I could hit the ground running with minimum startup hassle. The problem was, none of those established companies were looking for more franchisees in my area. So I decided to start Smart Tax from scratch.

(Read Moore)

Smart Tax featured on FOX Business

Smart Tax’s CEO and Founder, Nick Rizzi, was interviewed live on FOX Business’ small business segment entitled "Profiting from Taxes.” The segment discussed the growth of the tax preparation industry despite the economic climate and the aggressive growth that Smart Tax has experienced since launching as a franchise less than a year and a half ago. After reaching 27 locations this year, Smart Tax plans to have over 60 franchised locations open for tax season 2012. Rizzi discussed the recession resistant nature of taxes as it is a service that is needed every year. Additionally, he discussed the profitability that Smart Tax offers for its franchisees as consumers are continuously seeking this high-demand service. He also provided some last minute tax tips for consumers to be aware of when filing this season. Click here to view the segment!

Smart Tax featured in Franchise Times

Smart Tax was recently featured with an article in Franchise Times entitled, “Pop Culture—Temporary Stores Offer Trendy Way to Test the Waters.” The article was built from an in-depth interview with Nick Rizzi. Rizzi talks about his experience with "Pop-up" stores, otherwise known as temporary stores. View the full article below, or click here!

Smart Tax featured in Philadelphia Business Journal

Smart Tax was featured today in an article in the Philadelphia Business Journal titled, “Smart Tax fills a need in underserved neighborhoods” where Nick Rizzi, Founder and CEO of Smart Tax discussed his process of putting the company together, its entrance into the Philadelphia market and future expansion plans. In addition, Jeffery Travis discussed his new opening of Smart Tax in West Philadelphia and why he decided to join the Smart Tax brand. Click here to read more!

Smart Tax fills a need in underserved neighborhoods
BY Jeff Blumenthal

Jeffrey Travis has been preparing tax returns for more than 13 years in a family business he has run with his wife and children called J. Travis & Associates. But when business began to slip, he looked into the idea of joining a franchise.

This year, Travis’s West Philadelphia business became a franchisee for the fast-growing Brooklyn, N.Y.-based Smart Tax Preparation Services, which has entered the Philadelphia marketplace with three local sites this year.

(Read More)

Smart Tax featured in Brooklyn Business Trends

Recently, Smart Tax was featured in the Brooklyn Business Trends entitled, “Nick’s ‘Smart’ Franchise.” The article was built from interviews with Nick Rizzi and Yvonne Murray, discussing the growth of the Smart Tax since it started franchising in the fall of 2009. View the article below!

Smart Tax featured in the Red Hook Star-Revue

Recently, Smart Tax was featured in the Red Hook Star-Revue in an article entitled, “It’s Not Too Early to Start Working on Your Taxes.” As we are in the midst of tax season, Nick Rizzi, CEO and Founder of Smart Tax provides tips for getting one's taxes done this year and also discusses the growth that Smart Tax has experienced since first opening. After launching as a franchise in 2009 with 10 locations, the brand now has 27 offices throughout the Northeast. Rizzi discusses that while many people can do their taxes on their own, it can be very beneficial to having someone prepare them for you, as many credits can be easily overlooked and preparers such as at Smart Tax are trained to find these credits and make sure that you receive the most money back possible. Additionally, the deadline for filing taxes this year has been extended to April 18th and Rizzi also advices to keep strong records yearlong to ensure the most tax credits.

Smart Tax Featured in Red Hook Star-Revue

Smart Tax featured in the Chattanooga Times Free Press

Recently, Smart Tax was featured in the Chattanooga Times Free Press in an article entitled "Chattanooga franchises let entrepreneurs focus on business operations." The article is about launching a business in the current economic climate and why franchising is often an attractive method for business ownership. In the article, Nick Rizzi, CEO of Smart Tax, discusses the tremendous growth potential for Smart Tax in the Chattanooga market and the ability to run a profitable tax preparation business. Rizzi discusses the low cost of entrance for opening a Smart Tax in which the business can be up and running for as low as $20,000. This low start up cost has allowed Smart Tax to expand incredibly fast, tripling in size over the past year despite the economic climate. Click here to view the article in its entirety.

Chattanooga franchises let entrepreneurs focus on business operations
By ELLIS SMITH
February 2, 2011

Starting a small business is risky.

With one bad decision, an entrepreneur could watch his entire savings go down the tubes in a matter of days.

Only 50 percent of small businesses survive more than five years, according to the U.S. Small Business Administration, a statistic that has some potential business owners searching for safer alternatives.

(Read More)

Smart Tax featured in NFIB

Smart Tax was recently featured in NFIB in an article entitled “7 Tax Deductions that Small Businesses Often Overlook.” This article was built from an in-depth interview with Nick Rizzi as an expert on the topic. Click here for the entire article.

"7 Tax Deductions that Small Businesses Ofter 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,” says 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:

(Read More)

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.

(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)

SmartTax featured in the Stamford Advocate

Smart Tax was featured in the Stamford Advocate discussing the brand’s aggressive expansion plans into the Connecticut market specifically focusing on Fairfield County. Smart Tax plans to develop five locations in Stamford and 15 throughout Fairfield County. Nick Rizzi discussed his entrepreneur story in founding Smart Tax after being blocked out of many of the established tax preparation franchises. Rizzi launched Smart Tax as a franchise in November 2009 and by tax season 2010, he had 10 locations already open and operating. Now, Smart Tax will have 29 offices open for tax season 2011 and plans to have 100 locations open for tax season 2012. The article delves into why Connecticut is an attractive market for the brand and the tremendous potential for growth.

SmartTax slated for Fairfield County
Michael C. Juliano, Staff Writer

SmartTax may soon be coming to a neighborhood near you.

Nick Rizzi, a financial planner from Brooklyn who since 2004 opened 10 SmartTax locations in New York City, plans to open another five outlets of his new tax preparation franchise in Stamford, and establish another 15 locations throughout Fairfield County in his goal to open 100 stores by 2012.

"I was sitting at my desk at a bank one day and a bus went by with a sign that said `Learn to do taxes,'" said Rizzi, who took it as cue to enroll in an H&R Block class on tax preparation. He learned the office where he was taking the class did 2,000 returns a year at $220 a pop. "I thought to myself that this sounds like a great business." (Read More)

Smart Tax plans for growth featured in the Morning Call

The Morning Call recently published an article entitled, “Retail Watch Scanning the Storefronts,” where Smart Tax was with its expansion plans into the area. Nick Rizzi, CEO and Founder, was interviewed discussing the future growth plans for the area adding 10 locations and targets the first location for tax season 2012. The article notes the more than two dozen locations around New York, New Jersey and Philadelphia which will move in to be competitors of other full-service tax chains like H & R Block and Jackson Hewitt. Check out a portion of the article below or read the full story here.

Retail Watch Scanning the Storefronts

Smart Tax wants a piece of the action too. CEO Nick Rizzi said the chain, which started in New York in 2006, would like to have 10 locations in the Valley. Its first location could open sometime next year, but probably not before tax season.

The full-service tax chain has more than two dozen locations in New York, New Jersey and Philadelphia. It will be another competitor for the region's public accountants and chains like H&R Block and Jackson Hewitt Tax Service. (Read More)

Smart Tax Adapts to Economic Climate By Adding Kiosk Locations

While the current economic conditions have led to many financial obstacles for small business, franchise brands are still finding innovative ways to grow. One emerging trend is a move to smaller and portable spaces including kiosks, where Smart Tax, tax preparation concept is one step ahead of the competition and is entering big-box retailers for tax season 2011. Options like this allows franchisees the opportunity to open their own business for a much lower start up cost during the rough economic climate.

The kiosk model is one innovative method that allows franchise brands to expand in high traffic venues such as malls, shopping centers, the streets of major cities, and airports. One brand who is finding success with the kiosk model is Smart Tax, who launched in November 2009 with ten locations and will open almost 30 units for tax season 2011. One of Smart Tax’s growth strategies has been to open kiosks in National Wholesale Liquidators, where they will have 4 operating kiosk centers this year and six more open for 2012. This not only allows the brand to enter a high demand outlet but allows more consumers to become familiar with the product and ultimately build resonating brand awareness. Additionally, the franchisees opening the kiosks are able to capitalize on a smaller initial investment, portable space and a larger growth potential.

These kiosk locations will look almost exactly like a Smart Tax office, minus the physical building. Each location will be equipped with an educated staff and all of the programming needed to help make filing taxes more convenient for consumers. In addition, this gives big-box companies like National Wholesale Liquidators the opportunity to fill empty space after the holiday season utilizing a company that only has a four month window business during the spring, bringing another level of one-stop-shopping during tax season.

Smart Tax Featured in Accounting Today

Smart Tax was recently featured in a great article in Accounting Today entitled, “Tax Registration Regime Takes Shape.” The article delves into the recent laws the IRS has implemented and how this will affect the tax preparation industry as a whole. Some of these new regulations on the industry include continuing education, more testing, identification numbers and fees. Many industry experts discuss the pros and cons of the new laws and how to prepare for tax season 2011. Nick Rizzi offers his opinion on how the new regulations are actually a good thing for the industry as a whole and how Smart Tax is already prepared for the new changes. By continuing to adapt to the economy and new government regulations, Smart Tax is able to support the franchisees in its system and make a smoother transition for independent preparers looking to partner with an established franchise. See Nick Rizzi's comments on the new laws below and the article can be viewed in its entirety by clicking here.

Tax registration regime takes shape
The IRS moves rapidly to clarify the requirements, fees, CPE rules, and expectations
By Roger Russell

For Nick Rizzi, chief executive of tax preparation franchisor Smart Tax, the new process is a good thing. "In the areas in which we operate, you have one office that follows all the rules, and we try to be that guy," he said. "Then you have four or five people that do returns in the back of a travel agency or money transfer store. It's usually a 19-year-old girl with a laptop and a copy of some software. So we're all for the new rules because we've been following IRS standards all along."

(Read More)

New IRS Laws Spike Independent Conversions to Larger Systems

If you are in the tax preparation industry, there are many new laws implemented by the IRS this year, which will affect the way you do business. Starting mid-September, the IRS will be implementing stricter laws on tax preparers across the country which will include continuing education requirements on preparers, passing a series of tests to renew licenses through the IRS. These laws are being implemented to increase the qualification of preparers across the country. Included in these new laws is a mandatory registration for independent tax preparers where all paid tax preparers must register for a Preparer Tax Identification Number (PTIN) which is set to begin mid-month. This is one more law to further monitor the industry and increase the quality of service.

Resulting from the newly founded laws, a trend is emerging in the tax preparation field. Many independent preparers are converting to larger tax preparation firms, with systems already in place to help support new laws and initiatives. Independents recognize that larger, established systems will provide the services, bank relationships, and handle mandatory deadlines for the entire system to ensure that the business as a whole is prepared for these changes.

With 80% of Americans using a tax preparation service and with new, stricter IRS regulations, the tax industry as a whole will need to adapt and many small tax preparers unable to make these required changes will be eliminated in result.

With all of these new boundaries in place for tax season 2011, the tax preparation industry needs to be more organized than ever before. Smart Tax franchise has transitioned to prepare themselves for the upcoming tax season and welcomes independents into its system; offering preparers who file over 250 files per year a free conversion into a Smart Tax franchise.

For more questions, please refer to the IRS Laws online at: http://www.irs.gov/newsroom/article/0,,id=217781,00.html\

Smart Tax Featured in The Business Journal of the Greater Triad Area

Smart Tax franchise was recently featured in The Business Journal of the Greater Triad Area entitled, “Tax Preparation Company Targets Triad.” The article discusses Smart Tax’s interest in the North Carolina region, specifically Greensboro, and plans to develop up to 10 locations over the next few years. As Smart Tax continues to expand outside its home state of New York, it is gaining traction and attention in the markets it enters. Due to the affordability and growth potential, Smart Tax is a very viable and attractive business opportunity for entrepreneurs looking to get out of corporate America and enter a recession-resistant industry. Here is a link to the online version of the article and below you can read the story:

Tax preparation company targets Triad

New York-based Smart Tax, a tax preparation franchise company, said it is planning to add 10 new locations in Greensboro over the next two years.

The expansion is part of Smart Tax’s national growth strategy to build 100 locations by Jan. 1, 2012.

“We are looking to partner with a driven, business savvy entrepreneur to provide a much-needed service to a community in high demand of tax services,” said Nick Rizzi, CEO and founder of Smart Tax, in a statement.

(Read More)

Smart Tax Featured in New Mexico Business Weekly

Smart Tax was recently featured in an article in the New Mexico Business Weekly entitled, “IRS Aims to Squelch Tax Prep Incompetence.” The article was built from an in-depth interview with Nick Rizzi and delves into the trend emerging where the IRS is becoming stricter in enforcing rules and regulations on tax preparers and also discusses Smart Tax’s growth plans throughout New Mexico. A portion of the story is shared below, and you can view the full article here.

IRS aims to squelch tax prep incompetence
by Dennis Domrzalski

As the Internal Revenue Service prepares to crack down on tax preparers, some see it as an effort to drive small practitioners out of business.

But others, like Nick Rizzi, CEO of Smart Tax, see it as an opportunity. Rizzi’s franchise company says it plans to open 15 offices in the Albuquerque area by the 2012 tax season.

“Everybody needs to do taxes, and we have found it to be a good business to be in,” says Rizzi from his New York City office. “Albuquerque is a prime hub for expansion and development because the market is largely underserved."

With 80 percent of Americans using a tax preparation service and with new, stricter IRS regulations, the tax industry as a whole will need to adapt, and many small tax preparers in the Albuquerque market will be eliminated. (Read More)