TapTools: Enable Free Access to TapTax for All

[GENERAL] Name and surname of main applicant

Alec Myers

[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)

Entity (Incorporated)

[GENERAL] Requested funds in ada

225000

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

9

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language

No

[GENERAL] Summarize your solution to the problem (200-character limit including spaces)

We will provide TapTax to the Cardano community for free, allowing all users to accurately file their taxes and comply with local tax regulations seamlessly.

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

No

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.”

No dependencies.

[GENERAL] Will your project’s output/s be fully open source?

No

[GENERAL] Please provide here more information on the open source status of your project outputs

Due to considerations regarding intellectual property protection, commercialization strategy, and security concerns, it has been decided that the project outputs will not be open sourced. This decision is aligned with our business model and resources available for maintenance.

[SOLUTION] Please describe your proposed solution

We see the problem as a lack of accessible and comprehensive tax solutions in the Cardano ecosystem, which leads to non-compliance and financial penalties for many.

We are choosing to subsidize TapTax because our software effectively simplifies tax compliance. By making it accessible to all, we aim to enhance legal adherence and reduce financial risks.

Our project will engage the entire Cardano community, focusing on individuals and entities involved in diverse DeFi activities who need to ensure their tax filings are accurate and comprehensive.

We will track the increase number of tax returns filed using TapTax post-subsidy as a direct measure of our impact. A higher user rate will indicate improved compliance and user engagement.

[IMPACT] Please define the positive impact your project will have on the wider Cardano community

TapTools will significantly reduce the barriers to accurate and compliant tax filing by subsidizing TapTax for the entire Cardano Community. This will not only decrease the risk of financial penalties for users but also foster a culture of compliance and transparency within the ecosystem.

We will measure the impact quantitatively by tracking the increase in the number of CSVs downloaded and users of TapTax. Qualitatively, we will assess user satisfaction through feedback and testimonials. Results will be shared with the community and published on our platform to promote best practices and encourage widespread adoption.

We will actively share the outputs and opportunities of TapTax across our social media channels and through partnerships with key ecosystem players. To ensure every Cardano user benefits from free access to TapTax, we'll launch comprehensive educational and outreach initiatives.

[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

We've shown our ability by launching and running TapTax successfully for several months. We've already provided strong software solutions to the Cardano community and are committed to transparency and engagement. TapTax is the top tax software for Cardano users, and we'll monitor its adoption rate to measure the effectiveness of our subsidization effort, aiming to boost compliance and engagement.

Our experience in providing accurate data for Cardano has allowed us to deploy TapTax effectively, showing we can manage complex data. This track record, our data coverage, and technical skills make us ideal for improving TapTax as the Cardano ecosystem grows.

We'll handle funds with strict financial oversight, as we've shown in successfully executing Catalyst Fund 9. Funds will be used for subsidy distribution and to offer customer and technical support for TapTax.

[PROJECT MILESTONES] What are the key milestones you need to achieve in order to complete your project successfully?

Conversion to Open and Free User Flow

A: Milestone Outputs

• Transform the existing paid user flow into an open and free flow by removing the paywall, allowing unrestricted access for all users.
• Updated user flow diagrams, implementation of code changes, deployment logs.

B: Acceptance Criteria

• The new user flow must be accessible without any payment barriers.
• Ensure a seamless transition with no disruptions to user access during the transition.
• Conduct user acceptance testing to verify that the flow works as intended without requiring payment.

C: Evidence of Milestone Completion

• Provide updated system architecture documents and change logs.
• Video walkthrough of the new user flow.

Creation of a Support Ticket System

A: Milestone Outputs

• Develop and implement a support ticket system to handle inquiries and issues reported by users.

B: Acceptance Criteria

• The system must be able to handle multiple tickets simultaneously with a systematic tracking and resolution process.
• Response time should not exceed 24 hours for any ticket.
• System testing to ensure functionality and performance metrics are met.

C: Evidence of Milestone Completion

• Release notes, system usage logs, and feedback from initial user trials.
• Live demo of the ticket system in action.

Integration with Other Tax Softwares

A: Milestone Outputs

• Enable the integration of TapTax CSV exports with TurboTax, TaxAct, and other notable tax software platforms.
• Updated documentation, user guide on how to perform integrations.

B: Acceptance Criteria

• Integrations must be robust, secure, and maintain the integrity of the data during transfers.
• Ensure all exported data aligns correctly with the formats required by other tax softwares.
• Conduct integration testing with each of the supported platforms.

C: Evidence of Milestone Completion

• Technical specifications and integration test results.
• Tutorial video on how to use the integration features.

Advertisement for Free TapTax Exports

A: Milestone Outputs

• Create and deploy an advertisement campaign on our platform promoting the new free TapTax export feature.
• Advertisements content, campaign plan, performance report.

B: Acceptance Criteria

• The advertisement campaign must be launched within 7 days following the successful implementation of the open and free user flow and all necessary integrations.
• Ensure that all backend systems and user interfaces are updated to support the new feature promoted by the advertisement to handle potential increases in user traffic.

C: Evidence of Milestone Completion

• Campaign analytics reports and user feedback.
• Screenshots and recordings of the advertisements as displayed on our platform.

Awareness Campaign on Platform X

A: Milestone Outputs

• Conduct an awareness campaign on X (fka Twitter) to inform over 41,000 of our followers about utilizing TapTax, subsidized by Project Catalyst.
• Campaign content, engagement reports, follow-up actions.

B: Acceptance Criteria

• Successfully create and distribute a variety of engaging content, including posts, graphics, and videos highlighting the benefits of using TapTax.
• Analyze engagement metrics and TapTax adoption rates post-campaign.

C: Evidence of Milestone Completion

• Detailed campaign performance analysis and user adoption statistics.
• Compilation of key posts, user interactions, and testimonials.

[RESOURCES] Who is in the project team and what are their roles?

Some of the key contributors and founding members of TapTools are:

Alec Myers

CEO of TapTools

https://www.linkedin.com/in/alec-myers-profile/

https://twitter.com/cardano_tools

Jacob Warren

CTO of TapTools

https://www.linkedin.com/in/jacob-warren-186252127/

https://twitter.com/_jacobwarren

James Cadena

COO of TapTools

https://www.linkedin.com/in/james-cadena-41280a57/

https://twitter.com/jamescadeen

Alex Yue

CMO of TapTools

https://twitter.com/Alex_ADA_

There are also 7 other core members of the team that contribute greatly to TapTools.

[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources

For the 9 months of free TapTax, the following is a detailed breakdown of the costs incurred.

Project Management and Documentation

• Coordinates all project activities and ensures milestones are met.
• Manages creation and maintenance of project documentation.
• Total Cost: 40,000 ADA

Platform Development and Integration

• Costs for software tools that are essential for development, including development environments, libraries, and testing tools.
• Data Costs:
• Data Parsing: Expenses associated with software or services that extract and structure data from various sources.
• Data Storage: Costs related to storing data securely and efficiently, including database services, cloud storage solutions, and backups.
• Infrastructure: Investment in infrastructure necessary to support the platform, including servers, network equipment, and cloud computing resources.
• Total Cost: 100,000 ADA

Marketing and Community Engagement

• Designing posts, graphics, and videos for marketing campaigns.
• Costs for TapTools banner advertisement
• Community Manager: Manages social media platforms and community engagement.
• Total Cost: 30,000 ADA

Legal and Professional Services

• Consultations to ensure compliance with advertising and software integration laws.
• Management of project funds and financial reporting.
• Total Cost: 35,000 ADA

Contingency and Miscellaneous

• Reserve fund to manage unforeseen costs.
• Total Cost: 10,000 ADA

Reporting and Evaluation

• Analyzing campaign effectiveness and integration success.
• Total Cost: 10,000 ADA

Total Project Budget: 225,000 ADA

[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

The budget for our project has been meticulously planned to ensure each dollar spent contributes directly to delivering tangible benefits to the Cardano ecosystem. The costs have been determined based on a combination of the following factors:

Market Rates: The salaries for project management, development, and other professional services are aligned with the average market rates within our country and the broader tech industry. For instance, the rates for software developers and project managers are based on typical freelance rates and salaries reported in industry surveys and job platforms.

Industry Standards: The budgeting for data costs and integration services is based on standard rates for these services in the tech industry, particularly within the blockchain and fintech sectors, where data security and efficient processing are paramount.

Enhancing User Accessibility and Engagement: By removing the paywall and making the platform free, we expect a significant increase in user engagement and adoption. This not only promotes wider usage of the Cardano platform but also increases the visibility and utility of ADA as more transactions and interactions occur on the platform.

Integration with Tax Software: By facilitating the integration with reputable crypto tax software, we are lowering the barrier for compliance, which is often a significant hurdle for cryptocurrency adoption. This integration directly supports the Cardano ecosystem by making it easier for users to report and manage their taxes, potentially increasing ADA usage for tax-related transactions.

Scalable and Secure Infrastructure: Investment in robust infrastructure ensures that the platform is scalable, secure, and directly benefits the Cardano ecosystem by ensuring a reliable and efficient platform for users.