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 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)

Franchisee Spotlight: Joe Fontana

Q: Where are you originally from?
A: I was born in Brooklyn and raised in Queens, so I am very familiar with the region in which I am opening my new business.

Q: Before Franchising, what were you involved with?
A: Prior to partnering with Smart Tax, I was a Financial Advisor for 17 years. I worked most of my career in Brooklyn, which is where I met Nick Rizzi while working at the same firm. We built a strong working relationship and friendship over our long career together. Nick and I were always searching for our next venture and like most people, both of us dreamed of someday owning our own business. In light of the prolonged economic crisis and changes our industry was going through, Nick and I saw our careers coming to an inevitable end. Nick was insistent that whatever venture he’d pursue it had to be something more recession resistant than financial sales. In 2005, when Nick went out on his own and created Smart Tax, I applauded him for taking this risk and building Smart Tax from scratch. Nick and I stayed in close contact and one day I happened to pass by his Smart Tax storefront and I knew this was real and growing. In 2010 I had realized that I needed to take control of my career and discussed an opportunity to join Smart Tax. Nick hired me as the company’s Vice President of Franchise Development, with the goal of building the brand. I wanted to help take Smart Tax to the next level and help Nick grow our franchise system. Now, not only will I be helping to grow the brand on the corporate side but I will also be a first-time business owner in the Smart Tax system as a multi-unit franchisee.

Q: Why is this brand the right fit for you?
A: I am very excited to finally be a business owner after being in Corporate America for so many years. I wanted to join a franchise business and after extensive research, I feel that Smart Tax has the prime territories that other brands cannot offer and a corporate culture that is unmatched. This is not the same Corporate America all over again, with unnecessary rules and regulations holding us back. We understand what Corporate America is all about and we feel there is plenty of room for change in our industry. Smart Tax is a ground floor opportunity, where I have the ability to play a large role in a growing business. Because Smart Tax is a newly launched franchise, we listen to our franchisees and encourage a culture where we openly share ideas and foster creativity. It is a convergence of ideas and a great business to be a part of. Our goals are to provide better service to our clients that seek our help at tax time and a better opportunity for our franchisees to grow. In a word, Smart Tax is dynamic, and that’s what attracted me most.

Q: How do you see the brand connecting with your local community?
A: Because I have spent my whole life in Queens, I understand the community I will be serving with my Smart Tax business. At Smart Tax, we care about our clients and I want to give back as much as possible. I realize that tax time can be very stressful and confusing for most people. I want to build strong relationships with my clients and ultimately provide them with a better experience during the tax season. I am very active with my local Fire Department as a volunteer Firefighter as well as a Cub Scout Den Leader. I understand the value of giving back to the community and will reach out to local organizations throughout my territories to help in any way I can. Additionally, I plan to support Toys for Tots this year and secure a drop box at my Smart Tax office to help support the organization for the holidays. We will also be giving away large golf umbrellas to every client we work with to show our appreciation.

Q: What are your future goals? Development plans?
A: My near term goal is to have my Queens Center Mall location as the top producing store for Smart Tax. I want to be able to show potential franchisees how successful this business model really is. This tax season I want to reach at least 500 returns. In the long term, I have the rights to develop three locations and I’d like to see all three open, thriving and ultimately having our brand recognized for excellence and step above service.

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)

Franchisee Profile: Matthew Jamel

Opening Date: January 3, 2010
Location: Brooklyn, NY

Q: Where are you originally from?
A: I was born and raised in Brooklyn.

Q: Before Franchising, what were you involved with?
A: Before partnering with Thomas Rock to open a Smart Tax location, I attended Brooklyn College and graduated in May of 2010 with a degree in Business Management. Upon graduating, I started working with Thomas to put together a business plan so we could open a Smart Tax location in Brooklyn for tax season 2011.

Q: How did you learn about the brand?
A: Thomas had both known and worked with Nick Rizzi, CEO of Smart Tax, at Redhook location for five years. When Smart Tax started franchising in 2009, we began discussing the possible business options and the details in how we could open a location after I graduated from college.

Q: How do you see the brand connecting with your local community?
A: Because I have spent my whole life in Brooklyn, I want to see our business connect with the local community 100 percent. Thomas and I grew up five blocks from each other, played sports in Brooklyn as kids and still do. We plan to take every opportunity we can to connect with the residents of Brooklyn, building relationships and creating a strong local aspect to our Smart Tax business. We want our customers to feel comfortable and realize we are hard-working locals just determined to make filing taxes less formal.

Q: What are your future goals? Development plans?
A: I would classify myself as a hard-working individual who is dedicated to my work. We are earning our entire year’s salary in less than four months, so we have set the bar extremely high for our first tax season. We’re planning to file 400-500 tax returns, well above average.

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)