Last Updated on August 3, 2012 by DeanR
Smart Tax Franchise Information
Smart Tax is a franchise for a business that provides tax preparation services. It was founded in 2006 and started franchising in 2009.
It was founded by Nick Rizzi who is also the current CEO of the company. He felt trapped with his old job in a bank and as he worked, he saw a bus pass by with an advertisement saying “Learn how to file taxes”. Coincidentally, he saw the long line at the counter for those who are filing their taxes. He immediately got to the drawing board and weighed the possibilities. He realized that if he opened his own tax preparation business, he could just be working a third of a year and yet earn more. He decided to create his own brand. He was newly married then and everyone was sceptical about the idea. He considered the risks but he went on.
He used up all his life savings and created a concept that was a step better than the competition and a step nearer the market. With the help of family and friends, flyers, door advertisements, and even offering DVD players in exchange for availing his service, his business became a success. In his second year, his profits doubled and on the third year, he was already able to open his second location. They now have eight locations in the United States and two locations that are company owned.
What services do they offer at Smart Tax?
For Tax Services, they offer Income Tax Preparation, Electronic Filing, Refund and Loan Options, Smart Tax Drop-Off Service where you can just complete a short questionnaire and leave your documents with them then the preparer will just call you when your return is already ready to be approved and filed.
They are also open year round even on weekends and evenings and when it is tax season, they extend their hours. For Business Services, they offer Tax Filling for all types of businesses, Tax Planning and Projecting, Incorporations for Profit and Non-Profit, Bookkeeping and Accounting, IRS Issues QuickBooks Installation and Training. Other Services includes Federal and State tax returns, Payroll Processing, Debt Elimination and Budgeting, Bank Reconciliation, Preparation of Corporate Minutes, and Audits of your annual financial statements.
Cost and requirements on running a Smart Tax franchise
You need to have a net worth of $50,000 and a total liquid asset of at least $25,000. Expect to be investing about $36,000 to $94,000. The cost of Smart Tax franchise fee is $20,000 with an on-going royalty fee of 15% to 20%. This is for a renewable five year term agreement. You will need about three employees to run one location. They allow multi-unit ownership and absentee ownership.
What is included in the franchise package?
There will be five days training at the headquarters, five days at your location, and two days online training. You will be receiving newsletters and a toll free phone number. You will be given access to the internet and to purchasing cooperatives. There will also be assistance at the grand opening. Expect to be attending meetings and receiving occasional field evaluations. For marketing support, there will be ad slicks, co-op advertising, and national media.
Smart Tax Contact Details
You may reach them at:
Address: 329 Myrtle Avenue Brooklyn NY 11205
Phone: (800) 991-0908 or (718) 766-8040