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 Breaks Down Barriers to Business Ownership

Smart Tax Breaks Down Barriers to Business Ownership

While many businesses are buckling down due to the rocky economic climate, Smart Tax, a newly launched tax preparation franchise, is offering two new programs to assist driven entrepreneurs become business owners and grow: in-house financing and free conversions for the Smart Tax brand to qualifying business owners. Smart Tax has led the industry in innovative approaches to growth and has tripled from 10 locations at the start of the 2010 tax season to 29 franchise locations operating in 2011. With 45 territories already sold throughout New York, New Jersey and down the eastern seaboard, Smart Tax is counting on these initiatives to keep its growth rate high and steady.

“I have found that there is no shortage of entrepreneurial-minded individuals despite the recession,” said Smart Tax CEO and founder Nick Rizzi. “We’re working to help those individuals break into the industry or bolster their existing companies with the strength of a franchised system.”

The in-house financing program allows any existing franchisee to finance the franchise fee and up to $20,000 of build out costs through Smart Tax via an interest-free loan. In an economy in which many entrepreneurs are struggling to get small business loans or forced to make down payments as high as 30 percent of a loans total value, this move will greatly facilitate entrepreneurs seeking to expand their business.

“In-house financing is something we’ve been planning for a long time,” said Rizzi. “If someone has proven that they’re serious about the business and has what it takes to be successful, we want to remove any barriers that may prevent them from taking their business to the next level.”

Many of Smart Tax’s existing franchisees were able to take advantage of this initiative and open a second location for 2011 tax season, when they would otherwise have been unable to secure the financing for this continued growth. New franchisees can also receive up to $10,000 in financing towards their franchise fee.

Smart Tax’s other initiative allows independent tax preparation business owners who file at least 250 returns a year to completely waive the franchise fee and convert directly to a Smart Tax franchise. Conversions are a growing trend in the franchising industry and allow entrepreneurs who may be struggling to grow their business to take advantage of an established brand name, national marketing programs and the support of a proven infrastructure. Additional territories are also available with no franchise fee based on the number of returns a service files yearly.

“There are many business owners who have spent years developing their business and building personal relationships with their clients but end up hitting a plateau due to any number of factors,” said Joseph Fontana, Smart Tax’s Vice President of Franchising, who has assisted two of Smart Tax’s new franchisees convert their existing business into Smart Tax. “We’re offering those entrepreneurs the opportunity to take their business to the next level under the Smart Tax brand name.”

The barrier-breaking initiatives are two of the latest innovations from a brand already on the cutting edge of the tax preparation industry. Smart Tax also offers a variety of highly-flexible build outs, allowing entrepreneurs the possibility of opening a location in downtown spaces, strip malls and even kiosks in wholesale retailers.

“We’re always looking for new ways to help entrepreneurs who are passionate about our industry in addition to offering the highest quality service to our clients,” said Rizzi. “With these initiatives, we’re looking forward to another strong year of tremendous growth.”

Smart Tax featured in Life Insurance Selling

Recently, Smart Tax was featured in the magazine Life Insurance Selling, which focuses on trends in the financial and insurance industries. Smart Tax’s Vice President of Franchise Development and Queens Franchisee, Joseph Fontana, wrote an article for the publication about his experiences in expanding his portfolio and adding taxes. As a long-time financial planner and insurance broker, Fontana most recently became a tax preparation business owner as well, which has allowed him to offer a whole new service to his clients. Finding that taxes, unlike some other financial services, were recession-proof, Fontana has found a profitable business model to service his clients and create a stronger, trusting relationship with his clients. In the article, Fontana shares his experience and offers advice to other insurance brokers looking to make the leap into tax preparation. Click here to view the full article!

Breaking Into Tax Preparation
By JOSEPH FONTANA

I was a financial advisor for 17 years, working with my clients to provide a wide range of services including life insurance, accident insurance, health insurance as well as mutual funds, stocks and bonds. At the time, I was working at a bank in Brooklyn, where I provided services to my clients through this channel.

Throughout my life, I always dreamed of owning my own business and servicing my clients with a more personal and customized relationship. In light of the prolonged economic crisis, specifically following 9/11, and the changes our industry was going through, I saw my career coming to an inevitable end. Interest rates were increasing, and people were not investing. Even right now, there are trillions of dollars sitting in the money market that people are not investing.

(Read More)

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)

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 Salt Lake Enterprise

Smart Tax was recently featured in the Salt Lake City Enterprise in an article entitled, “Tax Preparation Franchise Plans 10 Salt Lake Area Locations.” Nick Rizzi, CEO of Smart Tax, was interviewed for an article discussing the brand’s expansion plans into the region and the low start up cost and prime real estate opportunities that Smart Tax provides. Despite the economic climate, Smart Tax has experienced exponential growth and is not only expanding throughout the Northeast but also nationwide. As a brand, Smart Tax has adapted to the economic climate by offering a 2-part franchise fee, where franchisees can pay half the fee up front and the second after tax season. This method allows franchisees to join the Smart Tax family with lower start-up fees and focus on marketing their business to their local community. Click on the thumbnail below to read the article in its entirety.