Instant Tax Service specializes in providing professional tax preparation, refund anticipation loans and expedited refund. Known to be a low-cost business venture, Instant Tax Service has become a major competitor, providing customers with outstanding service and instant results. Today Instant Tax provides both in-person and online filing services across the entire United States.
Full Franchise Information
Founded in Cincinnati by Fesum Berhane Ogbazion, an Ethiopian native, in 1994, Instant Refund Tax Service was created while Ogbazion was persuing a degree in Accounting and Finance from the University of Cincinnati. Over the next five years Ogbazion opened 26 additional locations throughout Ohio and Northern Kentucky and in 1999 Ogbazion sold his business to Jackson Hewitt. The next year Ogbazion moved to Dayton, Ohio and founded Instant Tax Service. By 2004 Instant Tax began selling franchise units and grew to over 1,190 locations. Sadly, by 2010 that number had dropped to 873 and today has over 875 locations.
Instant Tax Service Franchise Cost / Initial Investment / Instant Tax Franchise Income
Instant Tax Service has an initial franchise fee of $34,000 and a total initial investment ranging from $39,000 to $89,000. Instant Tax also has an ongoing royalty fee of 20%. All interested franchisee applicants must have a minimum net worth of $10,000 and a minimum if $10,000 in liquid assets. Currently, there is currently no estimated annual income for any Instant Tax Service franchise location.
Instant Tax Service Business Opportunities: Other Information
Named #1 in Entrepreneur’s Top New Franchises for both 2008 and 2009
Ranked #7, #1, and #13 in Entrepreneur’s Top Low-Cost Franchises for 2010, 2009 and 2008
Named #3 and #8 in Entrepreneur’s Fastest Growing Franchises for 2009 and 2008
Ranked #29, #12 and #54 in Entrepreneur’s Annual Franchise 500 in 2010, 2009 and 2008