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IOOGO Tax

IOOGO Tax

File your taxes in 10 minutes or less.

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Deal Type

Equity

Funding Goal

$150,000

Current Reservations

$14,000

Minimum Reservation

$500

Deal Stage

Seed

Pre-money Valuation

$4,200,000

Open Date

09/01/2018

Closing Date

04/30/2019

Elevator Pitch

IOOGO Tax quickly determines outcomes without the perpetual list of questions, similar to tools used by CPAs, enroll agents and tax preparers.

KPIs

4 Employees
3505 Users
$51,100 Sales

Company Overview

IOOGO FAST FACTS

The Tax Cuts and Jobs Act bill SIMPLIFIED tax preparation by increasing the standard deduction. Now, less than 10% of the taxpayer population itemize, eliminating the need for endless questions.

We have built a WEB AND MOBILE APP that makes filing your taxes as easy as filling out a job application. Our value proposition to our customers is how quickly and accurately they can complete their tax returns, averaging 8 ½ minutes from sign up to filing.

The Unnecessary Costs of Income Tax Preparation:

  • Preparation offices: $150 - $450
  • Online do-it-yourself
    • Initially free
    • Added upgrade package: up to $120
    • Second review: $80+ upcharge

The Unnecessary Complexity of Income Tax Preparation

  • Helps promote the need for upgrades
  • Endless questions to make consumers think the software is finding better exemption results

Many tax preparation companies spend a lot of money marketing the idea that tax preparation is complicated and therefore customers should pay hundreds of dollars in upgrades

Today’s tax preparation industry targets overwhelmed consumers and extracts as much money as possible, without regard to customer satisfaction.

Merging 17 years of tax preparation experience with 16 years of software design and development experience has allowed us to create a uniquely smart application. IOOGO Tax quickly determines outcomes without the perpetual list of questions, similar to tools used by CPAs, enroll agents and tax preparers.

IOOGO is here to prove it doesn't have to be so complex OR so costly.

Traction

  • We have proven our concept. The 2000th user signed up and completed a tax return averaging 8 1/2 minutes.

    March, 2019
  • The first customer signed up and completed the tax return in less than 9 minutes.

    January, 2019
  • Mobile app deployed to the app store.

    December, 2018
  • Beta product is in development

    July, 2018
  • Prototype is complete for web and mobile service

    June, 2018
  • Brand awareness campaign launched

    June, 2018
  • Key staff assembled

    March, 2018
  • Founders, friends, and family founding round of $256,000

    April, 2018

Pitch Deck

Press Mentions

Testimonials

Deanna (Royse City, TX)
Deanna (Royse City, TX)
Customer / Taxpayer
"They made the software very simple and easy to use. I was done is less than 15 minutes. "
Savannah (Hockley, TX)
Savannah (Hockley, TX)
Customer / Taxpayer
"It was so fast and easy to file. Last year and previous years we've paid over $300 for someone to do something so simple."
Danny (Cypress, TX)
Danny (Cypress, TX)
Customer / Taxpayer
"Just did my taxes with IOOGO Tax and literally, I was dreading it. However, in about 8 minutes I was done!! Simplistic and Quick. This will be the only tax software I will ever use! "
Brittani (Cypress, TX)
Brittani (Cypress, TX)
Customer / Taxpayer
"This was my first year using IOOGO Tax and it was beyond easy. It walks you through every step. I had all steps completed in 10 minutes."

Previous Funding

  • $80,000 Convertible Note
  • Raise Source: Self
  • November 2018
  • $326,000 Equity
  • Raise Source: Friends
  • April 2018
  • $20,000 Convertible Note
  • Raise Source: Self
  • January 2018

Frequently Asked Questions

How is IOOGO Tax different than the other DIY tax companies?

We have a different mission. We are showing taxpayers that they do not have to spend 45 minutes or more in front of their computer to file a simple tax return. We are also empowering taxpayers, who previously paid a tax pro, to easily enter their information into the system. If they want us to review their entries and results, we offer a professional review before submitting the return to the IRS. Then there is pricing... Since you do all the work, we won’t make you pay for upgrade fees.

How does IOOGO Tax make money?

We are experienced entrepreneurs with experience in budgets, forecasts, and revenue creation. We do not entertain the idea of valuation only without profit. This is why we closely manage our expenses and carefully plan our growth strategy. We are focused on establishing a loyal user base that can take advantage of complementary products we are building in the future.

Risks & Disclosures

We have raised $356,000 from founders, friends, and family. We have skin in the game and clearly understand the risks of our venture.

Our main and most exciting challenge is educating taxpayers on the simplicity of tax preparation. We want taxpayers to realize that filing your taxes is not complicated and therefore should not be costly.

We understand the hurdles we must overcome for this product to be the leading software solution in our industry and that we are competing against major players who currently dominate the industry.

One of the most valuable propositions for our investors is the experience of our founders. Collectively we have over 40 years of experience in the software development and tax industry. Leveraging our experience, we know how to design and build simple, user-friendly solutions. Basic returns are free and the most complicated returns are a fraction of what the other guys charge because after all, you're doing all the work.

Documents

Confidential

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