May 20, 2009 // Franchising.com // (Virginia Beach, VA) Liberty Tax Service is maintaining its competitive position among the top three tax companies in the industry even during recessionary times. The Company reports a steady increase in tax returns, revenue and brand awareness for the most recent tax season. Throughout this decade, Liberty Tax Service has demonstrated solid gains in an industry formerly dominated by tax giant H&R Block (NYSE:HRB) and, for seven straight years, has grown by more returns than both Jackson Hewitt (NYSE:JTX) and H&R Block combined.
Liberty Tax Service completed the fiscal year (2009) with a 15% increase in tax returns prepared, and a 22% increase in revenue for the 2009 tax season. The company supports its growth with a two-fold strategy: a focus on the core computerized tax preparation products and services provided through storefront locations, and an online product for customers who prefer a technological choice to prepare their own taxes with its eSmart Tax product.
The company's unique style of marketing and unparalleled commitment to customer service have been key factors in building a successful brand in twelve years. Since 1997, the Company has grown from 119 offices located in Canada, to over 3,100 throughout the U.S. and Canada. In tax season 2009, Liberty Tax Service added 400 offices and now has over 1,700 franchisees in its North American operating system.
"We refuse to participate in the recession," Liberty Tax Service Founder and CEO, John Hewitt, reflected. "Liberty Tax Service has claimed the #1 tax franchise spot on the latest Entrepreneur "Franchise 500" and has climbed to the #3 best franchisor overall. With increased excitement over the business opportunities that we are offering, we are poised to add 400-500 new offices and expand our Virginia headquarters by January 2010."
Technology and the Internet have changed the way Americans file taxes. Liberty Tax's performance gains are in sync with the latest IRS e-filing trends that show e-filing is up a record 20% this year. Liberty Tax Service has offered an online filing option in response to the growing market of taxpayers through its eSmart Tax program since January 2007. The eSmart Tax by Liberty platform allows the company to participate in the IRS Free File Alliance partnership that provides a free federal tax preparation alternative through its Web site. In addition, new tax measures from the American Recovery and Reinvestment Act should boost the entire industry this season and present numerous service opportunities.
Liberty Tax Service is the fastest growing retail tax preparation company in the industry's history. Founded in 1997 by CEO John T. Hewitt, a pioneer in the tax industry, Liberty Tax Service has prepared over 7,000,000 individual income tax returns. With 41 years of tax industry experience, Hewitt stands as the most experienced CEO in the tax preparation business, having also founded Jackson Hewitt Tax Service (NYSE:JTX).