Liberty Tax Service Franchise News

Company Has Met Challenges of Increased Regulation in Several Areas
VIRGINIA BEACH, Va.--(BUSINESS WIRE)--Liberty Tax Service continued its growth in key areas during the just-completed tax season, and successfully addressed major industry changes in its operations. Throughout this decade, Liberty Tax Service has demonstrated significant gains in an industry formerly dominated by tax giant H&R Block (NYSE:HRB) and, during the 21st century, Liberty has grown by more tax returns than both Jackson Hewitt (JHTXQ.PK) and H&R Block combined.
Liberty Tax Service prepared 7.9% more returns through April 18, 2012, compared to the same time period in 2011. Systemwide revenues increased 4.7% over the same periods. In 2012, significant IRS delays in return processing posed customer service challenges for the tax preparation industry...

New Survey Reveals How Many Workers May Be Missing Out on Extra Dollars in Their Refunds and How They Plan to Spend Them
CHICAGO, April 11, 2012 /PRNewswire/ -- Did you know you may be able to write off resume paper and travel to job interviews?  How about steel-toe boots for work and home office furniture?  A new nationwide study from Liberty Tax Service and CareerBuilder found a significant number of U.S. workers may not be maximizing their tax refunds with only one-in-five (20 percent) reporting they have claimed work-related expenses on their taxes.  Only 7 percent have claimed job search expenses.  The national study, conducted by Harris Interactive© from February 9 to March 2, 2012, included 6,000 workers across industries and company sizes...

Company Releases Key Financial Figures Through February 29
VIRGINIA BEACH, Va.--(BUSINESS WIRE)--Liberty Tax Service has released its early season results through February 29. The Company reports a 11.5% increase in the total number of U.S. federal tax returns filed through its U.S. offices, compared to the end of February 2011, and a 8.0% increase in systemwide revenues generated at U.S. offices through the same period last year. Since it was founded in 1997, the Company has demonstrated significant growth in an industry formerly dominated by tax giant H&R Block (NYSE:HRB), and Jackson Hewitt. Liberty Tax now operates approximately 4,200 offices in the United States and Canada.
“In spite of some delays in processing customer refunds due to new processes used by the IRS, Liberty Tax has experienced growth in many areas at this stage of the tax season compared to last year”
“In spite of some delays in processing customer refunds due to new processes used by the IRS, Liberty Tax has experienced growth in many areas at this stage of the tax season compared to last year,” stated John Hewitt, CEO and founder of Liberty Tax...

VIRGINIA BEACH, Va.--(BUSINESS WIRE)--Liberty Tax Service offers a new free mobile Android and iPhone app that conveniently and quickly makes office location, tax information and the Liberty Loot Arcade Game available to the user. The app’s features allow the user to find the nearest Liberty Tax location, and then call directly with a single click. A Tax Tip of the Day and links to Liberty Tax’s Facebook and Twitter feeds provide timely information and updates in the world of taxes. To relieve the stress of tax season, Liberty Tax has created the mobile Liberty Loot Arcade Game that pits Lady Liberty against tax collectors in the quest to collect cash bundles. The Liberty Tax app is available now to download in the App Store and in the Android Market...

January 17, 2012 // Franchising.com // Virginia Beach, VA - Liberty Tax Service marked another milestone as the company held a recent grand opening for its 4000th office in the Tampa Bay area. Since its inception in 1997, Liberty Tax Service has grown to 4,000 offices in the United States and Canada. When rival tax companies reached fifteen years, H&R Block (NYSE:HRB) had 1,700 offices, and Jackson Hewitt (PINK:JHTX) had 1,300 offices. Liberty surpassed the 1000 office mark in 2004. All Liberty Tax offices are open and ready for the tax season, with familiar costumed Lady Liberty wavers signaling that tax season is here.
The 4000th office is located at 927 Lithia Pinecrest Rd, in Brandon, Florida. The owner-operator is Joanna Parichkov, who has 9 Liberty franchise offices in the Tampa Bay area...

This tax season, Liberty Tax Service in Oakland explains the difference between a hobby enthusiast and a small-business owner.
Oakland, CA (PRWEB) January 10, 2012 - Many Americans with full-time jobs engage in creative pursuits that may be lucrative financially or may turn a profit in future years. How does making jewelry or crafts in spare time affect a total tax filing picture? Before preparing taxes this year, consider Oakland tax preparation company, Liberty Tax Service’s tips to understand the difference between a hobby enthusiast and a small-business owner.
When it comes to the IRS, it’s all about intent to be profitable and actually making money. The IRS criteria for determining if an activity is for-profit includes three considerations:

Time and effort to make the activity profitable
Dependency on generated income
Success in the venture

Hobby income is best defined as a not-for-profit income, and losses cannot offset other sources of income...

Liberty Tax Can Help
VIRGINIA BEACH, Va.--(BUSINESS WIRE)--Liberty Tax is alerting taxpayers about the latest online phishing scam involving deceptive e-mails that appear to be sent from the IRS. This one’s titled “Canceled Tax Transfer.” Scam artists are again at work sending e-mails appearing to be legitimately from the IRS or the Treasury Department that solicit confidential information including Social Security Numbers, personal bank or credit card account information, passwords, and even passport information. This latest one claims that “your federal tax transaction recently sent from your bank account was rejected by your bank,” and urges the recipient to choose a free file company from a website that’s not the IRS website...

Deadlines to Keep in Mind for Timely Tax Breaks
Virginia Beach, VA (PRWEB) November 28, 2011 - Time is running out for taxpayers to plan and take advantage of some tax-saving breaks for the upcoming tax year. Liberty Tax Service advises you to examine these expiring measures and make your best tax moves while you can.
“Planning is essential to reap the biggest benefit in tax savings,” said John Hewitt, CEO and Founder of Liberty Tax Service.
Purchases and Expenses to Consider Now

    Make an extra mortgage payment: Extra payments in 2011 mean more deductible mortgage interest.
    Pay state and local income taxes now: That way you can deduct them for 2011...

Liberty Tax Service, tax planning specialist in Oakland, urges good recordkeeping practices for moving expenses that may be tax deductible on the next Federal tax return.
Oakland, CA (PRWEB) November 18, 2011 - Liberty Tax Service, an Oakland tax preparation specialist company, urges good recordkeeping practices for moving expenses that may be tax deductible on the next Federal tax return. Anyone who has moved at least 50 miles to accept a full-time position in their current field of employment may be able to deduct some moving expenses. The relocation must have occurred within a year after the taxpayer began the new job. Those in the military moving due to a permanent change of station do not have to meet the distance requirement.
“You may claim a deduction for mileage, tolls and disconnecting and reconnecting utilities,” says Malkeet Singh of Liberty Tax Service...

Flash Mob to Happen In Times Square October 28th
VIRGINIA BEACH, Va.--(BUSINESS WIRE)--Liberty Tax is staging a commemorative event to celebrate the 125th anniversary of the dedication of the Statue of Liberty to America. The public is invited to join in, and be a part of it in New York, New York on October 28. A host of costumed Lady Liberties will perform during a flash mob event that will take place at 9 a.m. in Times Square between 42nd and 43rd Streets.
“As a company, we are so fortunate to have such a great American icon as our brand, and we are proud to celebrate her glory and what she means to America.”
“We are assembling a visual display of support to honor our famous Statue of Liberty that will be entertaining and fun,” said Martha O’Gorman, Chief Marketing Officer of Liberty Tax Service...

Liberty Tax Covers Options for Those Who Owe
Virginia Beach, VA (PRWEB) October 12, 2011 - Taxpayers who filed an extension request in April now face the October 17 (October 31 for taxpayers in designated Hurricane Irene disaster areas) tax filing deadline for 2010 returns. Liberty Tax Service urges those who still owe taxes and must file to examine several available options. Taking advantage of the IRS tax extension allows more time to file, but not to pay any taxes due, so interest is accruing on taxes not paid by the April filing deadline. In today’s recovering economy, the IRS is reacting to taxpayers who are suffering financially due to job losses and other economic hardships.
“It’s always better to pay what you can, and show the IRS your intention to pay the rest of your tax liability...

August 18, 2011 // Franchising.com // (Virginia Beach, VA) For a fifth time, Liberty Tax Service has been named on the elite list of "Best Franchises for Hispanics" published by Poder 360, formerly Hispanic Enterprise magazine. The rankings were based on surveys conducted with over 3,500 franchisors to determine the number of Hispanic-owned franchise offices and top managers who are Hispanic.

"It is our goal to continue to offer an affordable chance at the American dream of business ownership to all enterprising persons who are ready to embrace our proven Liberty operating system, and be aggressive competitors in this industry," said Liberty Tax Service CEO and Founder John Hewitt.

In 2004, Liberty Tax Service launched a Hispanic Services Division to provide better communications, understanding, and customer service to its existing and emerging Hispanic communities across the United States...

August 15, 2011 // Franchising.com // (Virginia Beach, VA) For a fifth time, Liberty Tax Service has been named on the elite list of "Best Franchises for Hispanics" published by Poder 360, formerly Hispanic Enterprise magazine. The rankings were based on surveys conducted with over 3,500 franchisors to determine the number of Hispanic-owned franchise offices and top managers who are Hispanic.

"It is our goal to continue to offer an affordable chance at the American dream of business ownership to all enterprising persons who are ready to embrace our proven Liberty operating system, and be aggressive competitors in this industry," said Liberty Tax Service CEO and Founder John Hewitt.

In 2004, Liberty Tax Service launched a Hispanic Services Division to provide better communications, understanding, and customer service to its existing and emerging Hispanic communities across the United States...

June 06, 2011 // Franchising.com // (Virginia Beach, VA) G.I. Jobs features Liberty Tax Service on its latest list of "military friendly franchises" in the June 2011 issue. According to the magazine, "the list honors the top 7 percent of franchises doing the most to recruit America's veterans as franchisees." Each year, G.I. Jobs researches thousands of franchise opportunities to determine those offering the best incentives for vets, the highest number of veteran franchisees, and the best training and support.

"We value the work ethic and contributions of our veteran franchisees who have embraced our proven Liberty operating system, and have followed it for their personal success. Franchising can be a natural fit and the next career move for veterans exiting the military, and we strive to recruit more interested in the tax industry," said Liberty Tax Service CEO and Founder John Hewitt...

May 12, 2011 // Franchising.com // (Virginia Beach, VA) Liberty Tax Service is the #1 tax franchise according to Entrepreneur magazine's "Best of the Best" This elite group is comprised of the bestfranchises in each category of the 2011 "Franchise 500." The Company is one of the "A+ students of the franchise world--the overachievers who never settle for being just one of the best," according to the May 2011 Entrepreneur.The annual "Franchise 500" has been a credible industry benchmark study of franchise opportunities for 30 years, and at the top of the research list for persons exploring franchise opportunities.

"We've had economic challenges over the last few years, and we've gone out and raised money to lend to our best franchisees," reflected Liberty Tax CEO and founder John Hewitt...

April 27, 2011 // Franchising.com // (Virginia Beach, VA) Franchising can be a catalyst for local job growth as many out-of-work Americans and early retirees shop employment options that allow them more control of their own destinies. The International Franchise Association reports on its website http://www.buildingopportunity.com/index.aspx that franchising filled over 17,430,700 jobs in over 828,138 franchised businesses for a direct and indirect economic impact of $2.1 trillion dollars to the national economy. The potential and effects of franchising are tremendous, just as the often daunting personal challenges of obtaining financing and setting a business plan in motion.

Liberty Tax urges those considering franchising to research not only recent published industry surveys, but also the incentives the franchisor may offer through its affiliations with the International Franchise Association and other industry organizations...

Company Has Responded to Changing Industry Landscape April 22, 2011 // Franchising.com // (Virginia Beach, VA) Liberty Tax Service has demonstrated the ability to respond to a plethora of industry challenges and regulations during its most recent tax season and reports solid growth in both tax returns and revenue for the just-completed tax season. Throughout this decade, Liberty Tax Service has demonstrated significant gains in an industry formerly dominated by tax giant H&R Block (NYSE:HRB) and, during the 21stcentury, Liberty has grown by more tax returns than both Jackson Hewitt (NYSE:JTX) and H&R Block combined.

Liberty Tax Service prepared 11% more returns through April 19, 2011,compared to the same time period in 2010...

April 11, 2011 // Franchising.com // (City, ST) The franchise experts agree that the Liberty Tax Service (www.libertytax.com) business model is appealing to a diverse America, and comes with an affordable price tag. Liberty Tax Service's franchise opportunity represents the only tax service to be listed on all three of these well-respected industry lists: Entrepreneur magazine's "Franchise 500," Black Enterprise's "40 Best Franchises for African Americans," and Poder's "Top 25 Franchise Opportunities for Hispanics."

"It is our goal to continue to offer an affordable chance at the American dream of business ownership to all enterprising persons who are ready to embrace our proven Liberty operating system, and be aggressive competitors in this industry," said Liberty Tax Service CEO and Founder John Hewitt...

April 06, 2011 // Franchising.com // (Virginia Beach, VA) The franchise experts agree that the Liberty Tax Service (www.libertytax.com) business model is appealing to a diverse America, and comes with an affordable price tag. Liberty Tax Service's franchise opportunity represents the only tax service to be listed on all three of these well-respected industry lists: Entrepreneur magazine's "Franchise 500," Black Enterprise's"40 Best Franchises for African Americans," and Poder's "Top 25 Franchise Opportunities for Hispanics."

"It is our goal to continue to offer an affordable chance at the American dream of business ownership to all enterprising persons who are ready to embrace our proven Liberty operating system, and be aggressive competitors in this industry," said Liberty Tax Service CEO and Founder John Hewitt...

Company Waives Fees for Donations March 19 March 15, 2011 // Franchising.com // (Virginia Beach, VA) To support the American Red Crossrelief efforts in Japan after the earthquake and tsunami last week, Liberty TaxService will waive tax preparation fees for first-time customers who contribute a minimum of $50 to the American Red Cross on Saturday, March 19, 2011. This day of free tax preparation will take place at participating locations throughout the United States from 9 a.m. until 9 p.m. Call 866-871-1040 to be directly connected with the nearest Liberty Tax location.

"Witnessing the devastation in Japan almost instantly through television and the social media can leave you feeling almost powerless to help, but we feel that Liberty Tax and the public can get directly involved by waiving fees in exchange for donations to the American Red Cross," said John Hewitt, CEO of Liberty Tax Service of Liberty Tax Service...