Last updated a month ago
Many users incorrectly file or avoid crypto taxes due to complex DeFi transactions, risking errors in tax compliance. Our software, TapTax, simplifies and accelerates accurate tax filing.
This is the total amount allocated to TapTools: Enable Free Access to TapTax for All. 5 out of 5 milestones are completed.
1/5
Conversion to Open and Free User Flow
Cost: ₳ 65,000
Delivery: Month 1 - Sep 2024
2/5
Creation of a Support Ticket System
Cost: ₳ 12,000
Delivery: Month 2 - Oct 2024
3/5
Integration with Other Tax Softwares
Cost: ₳ 58,000
Delivery: Month 3 - Nov 2024
4/5
Advertisement and Awareness Campaign for Free TapTax Exports
Cost: ₳ 50,000
Delivery: Month 4 - Dec 2024
5/5
Final Closeout
Cost: ₳ 40,000
Delivery: Month 5 - Jan 2025
NB: Monthly reporting was deprecated from January 2024 and replaced fully by the Milestones Program framework. Learn more here
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.
No dependencies.
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.
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.
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.
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.
Conversion to Open and Free User Flow
A: Milestone Outputs
B: Acceptance Criteria
C: Evidence of Milestone Completion
Creation of a Support Ticket System
A: Milestone Outputs
B: Acceptance Criteria
C: Evidence of Milestone Completion
Integration with Other Tax Softwares
A: Milestone Outputs
B: Acceptance Criteria
C: Evidence of Milestone Completion
Advertisement for Free TapTax Exports
A: Milestone Outputs
B: Acceptance Criteria
C: Evidence of Milestone Completion
Awareness Campaign on Platform X
A: Milestone Outputs
B: Acceptance Criteria
C: Evidence of Milestone Completion
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
There are also 7 other core members of the team that contribute greatly to TapTools.
For the 9 months of free TapTax, the following is a detailed breakdown of the costs incurred.
Project Management and Documentation
Platform Development and Integration
Marketing and Community Engagement
Legal and Professional Services
Contingency and Miscellaneous
Reporting and Evaluation
Total Project Budget: 225,000 ADA
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.