Grand Opening Marketing Expense
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Before opening

Toro Taxes

Table of Content
1. Franchise Snapshot
2. Franchise Overview
3. Performance and Metrics
4. Our Take
5. Additional Resources

1. Franchise Snapshot

Franchise Status
Active
Basic Information
Industry
Business & Professional Services
Category
Accounting & Insurance
Investment Range
$17,835 – $79,150
Total US Locations
195
Franchise Units
181
Founding Year
1990
Started Offering Franchises
2015
Management Capacity
Owner Operator
Job Count
N/A
Prior E2 Investors?
Yes
Prior Visa Franchise Clients?
No
Royalty Fee
10%
Marketing Fee
3.5%
Franchise Fee
$22,500
Headquarters (City, State)
Las Vegas, NV
Square Footage
200 - 1200
Retail Location?
Yes
Agreement Term Length
10 Years
Video

In these videos you will learn about the company firsthand. And they will also tell you in a short form about the financing of the enterprise.

*Information presented in these videos may change over time and may not reflect the most current franchise offering. Prospective franchisees should review the latest Franchise Disclosure Document (FDD) and consult directly with the franchisor for updated information.

2. Franchise Overview

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Overview

Toro Taxes is a premier provider of tax preparation and financial services, offering a business model that combines tax services with additional value-added products such as bank products, audit protection, and insurance. Since 2015, Toro Taxes has been providing franchise opportunities, empowering entrepreneurs to operate offices that deliver top-quality tax preparation and financial services. With a focus on customer-centric solutions, Toro Taxes provides franchisees with access to a proven business model that includes comprehensive training, marketing support, and a robust network of suppliers. The franchise also offers ongoing support in areas such as business development, technology, and compliance, ensuring that franchisees have the tools they need to succeed. Whether providing individual tax services or expanding into business solutions like bookkeeping and insurance, Toro Taxes offers a unique and profitable opportunity in the competitive financial services market.

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Management team / founders

Toro Taxes was co-founded by Nick Maldonado and Oscar Toro, two industry veterans with extensive experience in tax preparation and franchise operations. Nick Maldonado, the CEO, has been integral in building the Toro Taxes brand, leveraging his leadership and strategic vision to grow the franchise since its early days. He has played a key role in shaping the company’s operational systems and guiding franchisees to success. Oscar Toro, the COO, has worked alongside Nick since the company’s inception, focusing on operational efficiency and franchise support. His expertise in the day-to-day management of the business has been critical to the brand's development and growth. Together, Nick and Oscar have established Toro Taxes as a leading name in the tax preparation and financial services industry. The company is committed to providing its franchisees with comprehensive training, ongoing support, and a proven business model. Franchise owners benefit from in-depth assistance during the setup process, with continuous management support and periodic training to ensure operational excellence.

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Focus of owner for daily business operations

As an operator of a Toro Taxes franchise, the primary responsibilities include: 1. Managing staff, including tax preparers, ensuring compliance with IRS regulations, and maintaining high-quality customer service. 2. Overseeing the preparation and filing of tax returns, including offering additional services such as bank products, audit protection, and insurance services. 3. Implementing local marketing strategies to attract customers, utilizing digital marketing, community outreach, and partnerships with financial institutions. 4. Reviewing financials and business performance metrics, including sales, customer acquisition, and marketing ROI, to ensure the business is meeting its goals and achieving sustainable growth.

3. Performance & Metrics

Franchisor Fees | Item 6
Franchise Value
Industry Median
All Franchises Median
Royalty Fee
10%
9%
6%
Marketing Fee
3.5%
2%
2%
Franchise Fee
$22,500
Total Investment Cost | Item 7
Type of Expenditure
Low Amount
High Amount
When due
Initial Franchise Fee
$5,000
$40,000
When signing the Franchise Agreement
Construction and Leasehold Improvements
$0
$7,000
Before opening
Furniture, Fixtures, Office Supplies and Equipment
$1,500
$3,500
As incurred
Scanner and Signature Pad Equipment Fee
$1,000
When signing the Franchise Agreement
Signs
$810
$1,350
Before opening
Computer, Software and Point of Sales System
$2,500
$4,500
As incurred
Prepaid Rent and Lease Deposits
$1,000
$3,000
Varies
Utility Deposits
$225
$500
Before opening
Insurance Deposits
$300
$800
Varies
Travel and Lodging for Initial Training
$0
$2,000
Before opening
Grand Opening Marketing Expense
$1,000
$3,000
Before opening
Professional Fees
$1,000
$2,000
Before opening
Business Licenses and Permits
$500
$1,500
Before opening
Additional Funds (First Three Months)
$3,000
$9,000
Before opening
Total Estimated Investment
$17,835
$79,150
Outlets and Franchisee Information | Item 20
Outlet type
Year
Outlets at the start of the year
Outlets at the end of the year
Net change
N/A
2021
142
168
26
Franchised
2022
168
183
15
N/A
2023
183
181
-2
N/A
2021
32
32
0
Company-Owned
2022
32
14
-18
N/A
2023
14
14
0
N/A
2021
174
200
26
Total Outlets
2022
200
197
-3
N/A
2023
197
195
-2
Net Unit Growth (Recent year)
Net Unit Growth (Recent 3 years)
Franchise Health Metrics
Growth Rate
1 year / 3 years
Failure Rate
1 year / 3 years
Franchise for Sale Rate
1 year / 3 years
Toro Taxes
Industry median
Franchise Health Metrics
Franchise Historical Loan Metrics
10 Year Cumulative Charge Offs by $ of Loans
10 Year Cumulative Defaults
3 Year Predicted Default Rate
*Please note the information provided here is sourced from Lumos. We do not guarantee its accuracy or completeness. For verification, please refer to Lumos directly.
Item 19 – Financial Performance Representations
Historical financial performance representations
Franchise Financials
Franchisor company financial information, if disclosed by the franchisor.
Litigation & Bankruptcies
% of Franchisees Undergoing Litigation
3.31%
% of Franchisees with Completed Litigation
3.31%
Number of Bankruptcies Disclosed
0
*The litigation information displayed has been reviewed by our Product Development team. Franchises featured on this platform have been thoroughly assessed. However, Visa Franchise strongly recommends consulting with your own legal counsel for further guidance.

4. Our Take

Toro Taxes offers a promising franchise opportunity in the tax preparation and financial services industry. With a proven business model, strong franchisee support, and a comprehensive range of services, it is well-positioned for growth. Franchisees benefit from a robust system, training, and marketing support to help them succeed in a competitive market. While there have been some legal challenges in the past, Toro Taxes has worked to resolve these matters and continues to focus on improving its operations and franchisee relationships. For those looking to invest in a tax service franchise with strong potential, Toro Taxes presents a solid option.