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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Franchisee Spotlight: Yvonne Murray, Owner of the Brooklyn Smart Tax Location

This week, for our franchisee spotlight, we would like to introduce you to Yvonne Murray, franchisee one of the Brooklyn locations of Smart Tax. Below is her story.

Local Entrepreneur Becomes Business Owner of Brooklyn Smart Tax; Step-Above Tax Preparation Services

BROOKLYN, NY – While many businesses are slowing down due to the rocky economic climate, Smart Tax franchise, a newly launched 10-unit tax preparation concept, is just starting to speed up. Smart Tax is a step above the competition by offering quicker returns, better services and is expanding rapidly, now opening their newest location in Brooklyn at 928 Myrtle Ave.

“I have heard Nick Rizzi talk about his dream of creating Smart Tax for years and I am so excited to be a franchisee in this fresh new concept,” said Yvonne Murray, franchisee of the Brooklyn location speaking about Smart Tax’s CEO.

Before Smart Tax was even an idea, Yvonne Murray worked closely with Nick Rizzi, founder and CEO of Smart Tax, at the New York Community Bank. It was there that Rizzi would tell Murray his ideas and aspirations about opening his own business. For 2-years Murray worked at one of Nick Rizzi’s Smart Tax location during the tax season, where she managed the location that she now owns herself. Now she has taken the next step as a Smart Tax franchisee and is fully committed to Smart Tax. She plans to develop two more locations within the next three to five years.

Yvonne is a dedicated and hard working business woman who still manages to raise three children, with her fourth due at the New Year. She has taught her 15 year-old daughter a lot about the business already, including how to use their system of filing taxes. Yvonne hopes to keep this business in the family and that one day her children can have a bigger role in Smart Tax.

CEO and Founder Nick Rizzi grew Smart Tax into four small successful locations, after launching his first location as a 29-year old entrepreneur using his life savings and a credit card. Rizzi created his concept a step above the competition by offering quicker returns and better services.

Despite the economic climate and people cutting back on spending, tax returns is one appointment people can look forward to every year—and people can get their taxes processed at Smart Tax in as quickly as an hour for a very low cost.

“I wanted to create a system one-step ahead of competition and provide a service that our customers valued in each community we enter,” said Rizzi, noting he plans to have 100 locations by January 1, 2012. “Yvonne Murray, who has been there for me since day one, is a great addition to the Smart Tax team. I know she will do amazing things to help strengthen and grow this franchise.”

Smart Tax's Harlem Franchisee, Kevin Jimenez, Featured in Harlem Business News

Smart Tax's Harlem franchisee, Kevin Jimenez, was recently featured in the Harlem Business News. The article delved into Jimenez's entrepreneur story and the new Smart Tax location will bring to the community. Below you will find a portion of the article as well as a link to read the complete story online.

Local Partnering Fuels Smart Tax Franchise's Growth

While many businesses are slowing down due to the rocky economic climate, Smart Tax franchise, a newly launched 10-unit tax preparation concept, is just starting to speed-up.

Smart Tax is a step above the competition by offering quicker returns, better services and is expanding rapidly, now opening its newest location in East Harlem at 1799 Lexington Avenue.

"I never thought about owning my own business until I discovered Smart Tax, with a low start up cost and a strong system in place, it is just such a great brand, I jumped at the opportunity to open one of my own locations," said Kevin Jimenez, first-time business owner and franchisee of the East Harlem location.

Jimenez, who is just 28-years old, was introduced to Smart Tax as an employee first, where he began working at one of Nick Rizzi's, CEO and founder, Smart Tax locations. He learned about the growing brand and how the tax preparation industry worked.

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Smart Tax Was Recently Featured in The Wall Street Journal; End-of-Year Tax Advice

Smart Tax franchise is a newly launched, 10-unit, New York-based tax preparation franchise. As the end of the year is approaching people are looking to take advantage of the different government programs created in order to help people in the current economic climate. Smart Tax was recently featured in the Wall Street Journal on this exact topic and what tax credits people should look out for when filing end of year taxes. Below you will find a portion of the article and a link to the full article on wsj.com:

Federal Recession Aid -- Get It While You Can

By Anna Prior

Time is running out to take advantage of some of the government programs set up to help consumers during the economic meltdown.

Among them are programs meant to shore up the credit markets, which allow for more available credit and lower interest rates on loans for homes and automobiles, as well as tax benefits to entice consumers to buy that new house or car.

Of course, there's always the chance that these programs could be extended; some already are running on extensions and expansions. But here's how they stand for now, how much time you have left to take advantage of them -- and how their end could affect you.

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