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Tax Lab, Inc isn't accepting new investments

Tax Lab, Inc’s deadline was March 1, 2023

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Tax Lab, Inc

AI-driven SaaS to simplify complicated bookkeeping & taxes for small businesses
Accounting Software AI & Machine Learning
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$70,399
Raised
78
Investors
Successfully funded and closed on March 1, 2023.
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Closed on March 1, 2023. Information may not be up-to-date. Campaign closed on March 1, 2023. Information displayed may not be up-to-date.
Problem Solution Product Traction Customers Biz. model Market Competition Vision strategy Funding Founders Summary
About Team Press

Documents

Republic (OpenDeal Portal LLC, CRD #283874) is hosting this Reg CF securities offering by Tax Lab, Inc.. View the official SEC filing and all updates:
Official SEC Logo Form C SEC.gov
Company documents
Tax Lab, Inc Crowd SAFE Tax Lab Form C:A.pdf Tax Lab Form C .pdf
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Hear from some of the 78 people reserved or invested in Tax Lab, Inc


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Highlights


  • 590% revenue growth (H1 2021 to H1 2022); $193k gross YTD
  • Overseeing $14M+ in gross receipts for current client base
  • Founder/CEO with 1000s of hours of tax litigation/audit experience
  • Founder/CMO with 2 exits + $1B revenues across clients
  • Payroll & bookkeeping services industry worth $60.4B in 2022
  • Streamlined bookkeeping — only what you need to get tax-return-ready
  • Faster, easier categorization with A.I.-powered machine learning

Problem


Most bookkeeping software on the market was not designed for smaller businesses. Complex features and unnecessary functions create a massive barrier to entry. Most people don’t have time to master complicated software, but many also can’t afford to outsource bookkeeping services. 

There hasn’t been an easy-to-learn and affordable software solution for bookkeeping, until now…

Solution


SynkBooks was created by a tax attorney to be the go-to bookkeeping solution for small and medium businesses. Simple and intuitive functionality makes learning easy, empowering users to focus on what matters: scalable, profitable growth.

Product


Our software integrates our users’ accounts with Plaid, and machine learning AI then categorizes bank transactions into intuitive groups. When it’s time to file taxes, those categories directly translate onto necessary forms. This creates clean, readable, “Tax Return Ready” profit & loss statements and tax form previews simultaneously.

Traction



Our average monthly revenue (as of 6/23/22) reached $32,000+ through software sales and outsourced bookkeeping services. In the first 6 months of the year alone, we hit $193,800. 2021 revenues during the same period were just over $27,000—that’s more than 5x growth in just one year.

Customers



SynkBooks is an easy and intuitive way for small and medium businesses to keep accurate books. We know, because we use our software to manage over $14M in gross receipts for our bookkeeping clients.

But our clients that use the standalone software don’t need to be licensed accountants or experienced tax attorneys to operate SynkBooks. It’s an adoptable solution for millions of small and medium businesses across the U.S.—and even globally.

Business model



In addition to software sales, we also offer tech-enabled bookkeeping, tax compliance, and records clean-up services. And as we continue to grow, our easily scalable business model will unlock new services and offerings for our clients. This includes adding banking-as-a-service functionality, and developing our own business tax filing software.

Market


Small business ownership has been the driving force behind economic growth for decades, and 2022 is no exception. In the US alone, 65M small businesses and self-employed businesses are operating, and many struggle with the burden of managing their own books. 

Targeting our software and services to small businesses creates opportunity in both the $186B SaaS and $60B payroll and bookkeeping services markets.

Competition



There’s no shortage of bookkeeping software on the market today, but that’s where our similarities end. We have the opportunity to reach customers who have been let down by our more complicated competitors.

SynkBooks is designed to be easy to learn, and our features and functionality reflect that.

Vision strategy



Our software sales and bookkeeping services are designed for scalability. Using processes already in place, we could easily manage hundreds of millions in gross receipts without a reduction in quality.

Many consumers in the bookkeeping and payroll services market would be better off without all the unnecessary features of other software. We intend to capture those consumers by giving them what they want: clean profit and loss statements, and “Tax Return Ready” financials.

Funding


Other than a small friends and family round where we raised $68,600 on a convertible note, SynkBooks has been proudly bootstrapped. Despite our lack of institutional funding, we’ve managed to grow over 590% since early 2021—all without answering to outside investors.

With your investment, we plan to expand into more diverse customer acquisition channels to increase our customer base. We’ll also build additional features into our software, including banking-as-a-service.

Founders



After years maneuvering through the U.S. Tax Court and defending his clients from the IRS, our CEO decided to make a change. He’d seen too many good people targeted due to simple mistakes from using complicated software—so he created the simple solution his clients needed.

Our CMO spent 25+ years gaining expertise in growth marketing in the B2B space. After navigating exits with multiple companies, he’s leveraging his marketing experience to build SynkBooks into a household name.

Summary


Our software uses AI machine learning for an easy-to-use bookkeeping experience. With 590% YoY revenue growth and massive market opportunity, SynkBooks is ready to disrupt traditional bookkeeping software.

Deal terms


Valuation cap

$15,000,000

The maximum valuation at which your investment converts into equity shares or cash.
Learn more

Minimum investment

$150

The smallest investment amount that Tax Lab, Inc is accepting.
Learn more

Maximum investment

$300,000

The largest investment amount that Tax Lab, Inc is accepting.
Learn more

Funding goal

$3M

Tax Lab, Inc must achieve its minimum goal of $25K before the deadline. The maximum amount the offering can raise is $3M.
Learn more

Deadline
Tax Lab, Inc needs to reach their minimum funding goal before the deadline ( ). If they don’t, all investments will be refunded.
Learn more
Type of security

Crowd SAFE

A SAFE allows an investor to make a cash investment in a company, with rights to receive certain company stock at a later date, in connection with a specific event. · Learn more

Nominee Lead

Chief Executive Officer of the Company (currently Isai Bismark Cortez)

Will direct the Nominee on certain matters like voting, amendments and conversions affecting the security.
Learn more

How it works

Documents

Republic (OpenDeal Portal LLC, CRD #283874) is hosting this Reg CF securities offering by Tax Lab, Inc.. View the official SEC filing and all updates:
Official SEC Logo Form C SEC.gov
Company documents
Tax Lab, Inc Crowd SAFE Tax Lab Form C:A.pdf Tax Lab Form C .pdf

Bonus perks

In addition to your Crowd SAFE, you'll receive perks for investing in Tax Lab, Inc.
Invest
$250
Receive
  • 1 Year Subscription to the Synkbooks platform (retail value of $300)
Invest
$500
Receive
  • 2 Year Subscription to the Synkbooks Platform (Retail value of $600)
Invest
$750
Receive
  • "Thank You" package and SynkBooks swag kit (T-shirt, Hat and Laptop Sticker)
11 investors
Invest
$1,500
Receive
  • Previous benefits + Lifetime Subscription to the Synkbooks Platform (not available via retail channels)
  • Limited (189 left of 200)
Invest
$2,500
Receive
  • Previous benefits + status as a "Founding Investor". You will be listed as such on our website (if desired).
1 investor
Invest
$5,000
Receive
  • Previous benefits + Invitation to participate in Quarterly Investor Update calls.
  • Limited (99 left of 100)
2 investors
Invest
$10,000
Receive
  • Previous benefits + Invitation to a monthly "round table" Q&A with Synkbooks Founders and leadership team.
  • Limited (48 left of 50)
Invest
$25,000
Receive
  • Previous benefits + invitation to a biannual investor summit (6-hour on-site that includes participation in strategic growth, roadmap, and CX workshops) to help guide company roadmap.
  • Limited (10 left of 10)

About Tax Lab, Inc

Legal Name
Tax Lab, Inc.
Founded
Jul 2018
Form
California Corporation
Employees
6
Website
app.synkbooks.com
Social Media
Headquarters
Google Map location of of Tax Lab, Inc
1370 N St Andrews Pl , Los Angeles, CA
Headquarters
1370 N St Andrews Pl, Los Angeles, CA, United States 90028

Tax Lab, Inc Team
Everyone helping build Tax Lab, Inc, not limited to employees

Profile picture of Isai Bismark Cortez
Isai Bismark Cortez
CEO - Founder
As a practicing tax attorney and adjunct professor in tax representation, Isai has been able to use his creativity and knowledge of the United States tax law to develop and launch SynkBooks accounting software.
Profile picture of Lonny Schwartz
Lonny Schwartz
Founder + CMO
With a comprehensive marketing background encompassing a variety of specialties, Lonny has led the delivery of over $1B in revenue through B2C, B2B and B2B2C channels and navigated exits with both WPromote & DNA Diagnostics Center.
Isai Bismark Cortez
CEO - Founder
Lonny Schwartz
Founder + CMO

Press

Logo of Tax Lab, Inc

Tax Lab, Inc

Tax Lab, Inc successfully raised $70,399 from 78 investors on March 1, 2023
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