SiempreTax+: 9 Facts about the Hispanic Market and 1 Tax Company That Gets It By SiempreTax+
About 57 million Hispanics live in the United States. (Pew Research Center)
The folks at Liberty Tax realized the potential for serving this market, and, in 2014, the company launched SiempreTax+. SiempreTax+ is a national tax preparation franchise designed to serve the needs of this growing market.
The Hispanic population is projected to climb to 119 million by 2060, nearly 30 percent of the U.S. population. (U.S. Census Bureau)
SiempreTax+ has grown. The company, founded with offices in California and Texas, is on the road to growth as a tax franchise opportunity available in many states. SiempreTax+ has some of the lowest start-up costs in franchising. The estimated initial investment ranges from $43,700 to $71,900, which makes opening a franchise affordable for many entrepreneurs.
Hispanics make up the largest group of immigrants in most states. (Pew Research Center)
SiempreTax+ franchisees have found that their offices are a valued part of the community. Many of their clients are new to the U.S. tax system, and SiempreTax+ tax preparers and managers help them understand the rules and their responsibilities as taxpayers. “Our niche market is the Latino market,” said Joshua Biven, a SiempreTax+ franchisee. “A lot of immigrants don’t understand taxes because they may not have had to file taxes in their country like we do here in the U.S. We help them understand the process and how important it is for different reasons, not just getting a tax refund.”
40 million U.S. residents, age 5 or older, speak Spanish at home. (U.S. Census Bureau)
This is one of the things that makes SiempreTax+ unique. Every SiempreTax+ office is bilingual. Tax preparers speak English or Spanish, whichever makes the customer more comfortable. In either language, SiempreTax+ is a trusted resource, providing the best tax preparation service.
Hispanic household income rose 3.7 percent in 2017, outpacing increases for all other households. (U.S. Census Bureau)
SiempreTax+ creates affordable and reliable entrepreneurial opportunities in the $11 billion tax preparation industry in the U.S. SiempreTax+ has been ranked as a Top New Franchise by Entrepreneur magazine for two years in a row. The ranking evaluates franchises based on costs and fees, franchisee support, brand strength, and financial strength.
Migrants to the U.S. from Latin America and the Caribbean sent more than $69 billion back home in 2016. About 40 percent of that money went to Mexico. (Inter-American Dialogue)
This is another feature that demonstrates how SiempreTax+ franchises understand the Hispanic market. The “+” in SiempreTax+ stands for the additional services offered at the locations. SiempreTax+ offices have offered ESL classes, drivers’ license assistance, and more. Thanks to a partnership with Juntos Podemos, SiempreTax+ offices even offer international money transfers.
$215 billion in earnings from Hispanic households paid local, state, and federal taxes. (New American Economy)
Hispanic households contributed to the tax system, and those taxpayers want to be sure they don’t overpay their taxes.
In tax year 2015, nearly 4.5 million people filed federal income tax returns using ITINs. (NPR)
SiempreTax+ offices offer free ITIN application assistance.
84 percent of Hispanic taxpayers had their tax returns prepared for them in 2014. (National Taxpayer Advocate)Tax preparation is a reliable business. The industry ranks as one of the most profitable for small business owners.
The facts speak for themselves. The Hispanic market in the United States is booming. Companies that serve this growing market are poised for the future. SiempreTax+ is such a company. “They get it at SiempreTax+,” said Tony Suarez, Executive Vice President of the National Hispanic Christian Leadership Conference. “They understand the economic power of the Hispanic market, and they’re opening doors to people who want to serve that market.” Learn more about tax franchise opportunities. Visit SiempreTaxFranchise.com.