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ClearFilTax: One-click tax computation for Filecoin #1748

Closed rajgoesout closed 4 months ago

rajgoesout commented 5 months ago

Open Grant Proposal: ClearFilTax

Project Name: ClearFilTax

Proposal Category: Other: app-dev

Individual or Entity Name: Find Signal Studio PTE. LTD.

Proposer: @rajgoesout

Project Repo(s)

We'll fork these repos to create our tax-specific transactions history processor:

Apart from those, we'll create two new repos for a backend API and the frontend.

(Optional) Filecoin ecosystem affiliations: None directly. Our team was sponsored by a Filecoin devgrant earlier to build Filecoin Miner Marketplace

(Optional) Technical Sponsor: None

Do you agree to open source all work you do on behalf of this RFP under the MIT/Apache-2 dual-license?: Yes

Project Summary

Calculating and filing taxes for Filecoin storage provider earnings is a strenuous and time-consuming process. Existing solutions don't fully solve it, and offer a poor user experience. ClearFilTax aims to give users a no-brainer Filecoin tax report for their jurisdiction in one click.

Impact

What pain points does this project seek to address?

Popular crypto tax tools like Koinly, Cointracker, and Coinledger don't support Filecoin. This makes it extremely hard for users, especially storage providers to calculate their earnings and tax liability.

filecoin tax tool needs

What are the benefits to getting this right? What are the risks of not getting this right?

A tax tool for Filecoin would reduce the barrier to become a Filecoin storage provider, making compliance one-click, and letting them focus on providing the best storage service for users.

What impact will this project have in a specific vertical, market, or ecosystem? What does success look like?

Users would be able to get their Filecoin tax reports done via our platform itself. They would also have a choice to export their tax-specific transaction history as a csv and import it to popular crypto tax tools.

Outcomes

preliminary designs based on a similar tax tool we're building on polkadot

Preliminary designs (based on a similar product we're building on Polkadot) can be viewed here: ClearDotTax - Figma.

Key Deliverables

Transactions Dashboard

To view and filter all transactions/income on Filecoin.

Advanced Transactions Module

To track users' claimable income (fees/rewards/other which the user owns, but not deposited in their wallet yet). This also includes accrued income.

Wallet Dashboard

To add and track your wallet(s).

One-click Tax Report Dashboard

To view your tax report for your jurisdiction (starting with the UK, Germany, Switzerland, and select states in the US - California, New York, and Washington) in a selected period.

GraphQL API

The details deliverables and spec is documented in the Development Roadmap.

Success Metric

Adoption, Reach, and Growth Strategies

Primary target audience: Over 2000 storage providers running the Filecoin network.

Secondary target audience: Filecoin clients/users and other network participants.

We will create a discord/telegram community dedicated to helping people do their Filecoin taxes.

Development Roadmap

Our roadmap is split into 3 milestones of 1 month each.

The detailed breakdown of deliverables, specification, and budget for each milestone is tabulated below:
Milestone Tasks Deliverables Specification Team Lead/Researcher (hours) Backend/Lead Engineer (hours) Frontend Engineer (hours) Product Designer (hours) Total Time (hours) Rates (USD/hour) Costs
1 1.1 Design & Development of Minimal Transactions Dashboard and Wallets Dashboard 1.1.1 Figma hi-fi Designs for Transactions Dashboard & Wallets Dashboard

1.1.2 GraphQL API for Minimal Transactions Dashboard & Wallets Dashboard

1.1.3 Frontend Implementation of Minimal Transactions Dashboard & Wallets Dashboard in Next.js

1.1.4 Ability to download Transactions history CSV		 The user should be able to connect/paste their Filecoin wallet address, and then sync all their historical transactions.

This would include (but is not limited to):
- Transactions done directly via the wallet
- Wallet <> wallet
- Wallet <> smart contract/pallet
- Capital gains & income
- Cross chain transfers

We will provide a tag to each transaction - the tags could be one of the following:

<Add Liquidity/Airdrop/Borrow/Bridge/Buy/Donation/Fork/Gift/Interest Expense/Interest payment/Lending Deposit/Lending Withdrawal/Loan Repayment/Lost/Margin/Margin gain/Margin fee/Margin loss/Margin rebate/Mined/Mint/Other income/Payment/Rebate/Receive/Remove Liquidity/Sell/Send/Stake/Staking reward/Trade/Transfer/Royalty/Unstake/Wrap>

The wallets page would allow users to add the following wallets by connecting/pasting the wallet address:
- Glif
- Ledger
- Brave
- Metamask (Filsnap)

Designs would be similar to the tax tool we're building on Polkadot: ClearDotTax - Figma		 0 120 120 30 270 $50 $13,500
1 1.2 Algorithm Spec for Advanced Transactions (Claimable Income) 1.2.1 Doc Doc listing the data sources to fetch advanced transactions data for each supported protocol; architecture & pseudocode to extract, transform, load the data, and show it on the frontend. 80 20 0 0 100 $50 $5,000
1 1.3 Documentation 1.3.1 Markdown doc

1.3.2 Progress Report		 We will publish an report detailing the progress update for this milestone.
We will also create 2 markdown docs - one each for frontend and backend with steps to run the code.		 1 0 0 0 1 $50 $50
2 2.1 Support for Advanced Transactions 2.1.1 Advanced Transactions Module implementation in GraphQL API based on Algorithm Spec

2.1.2 Advanced Transactions (Claimable Income) support in Transactions Dashboard (Frontend)		 The user should be able to connect/paste their Filecoin wallet address, and then sync all their historical transactions.
This would include:
- All the transaction types mentioned in Milestone 1.
- All kinds of Claimable income.		 0 120 40 0 160 $50 $8,000
2 2.2 Support for Changing Transaction Type/Category 2.2.1 GraphQL mutation to change Transaction Type/Category

2.2.2 React components and API integration to change Transaction Type/Category		 The user should be able to edit the transaction type/category in the dashboard. 0 2 4 0 6 $50 $300
2 2.3 Tax Report Algorithm 2.3.1 Doc We design an algorithm based on the standard tax laws for individuals for the different types of transactions in the following jurisdictions
1. United Kingdom
2. Germany
3. Switzerland
4. United States (Federal Tax; and State tax for – California, New York, Washington)		 180 0 0 0 180 $50 $9,000
2 2.4 Designs for One-click Tax Report UX 2.4.1 Figma Hi-Fi designs for the One-click Tax Report Dashboard Temporary designs for a similar tax tool on Polkadot which we're building are ready.

There would be a few more use cases and modifications which we haven't finalized yet.

The UX should work with some default settings for individuals, along with some customizable settings/user inputs - similar to tax estimator tools: https://apps.irs.gov/app/tax-withholding-estimator		 0 0 0 16 16 $50 $800
2 2.5 Documentation 2.5.1 Markdown doc

2.5.2 Progress Report		 We will publish an report detailing the progress update for this milestone.
We will also update the 2 markdown docs - one each for frontend and backend with steps to run the code.		 1 0 0 0 1 $50 $50
3 3.1 Implementation of One-click Tax Report UX 3.1.1 Implementation of Tax Report Algorithm in Backend Module

3.1.2 GraphQL API for Tax Report UX

3.1.3 Frontend Implementation of Tax Report UX		 The user should be able to view their total tax liability in a selected period in their jurisdiction. 0 140 60 0 200 $50 $10,000
3 3.2 Design and Development of Signup/Login & Payment Flow 3.2.1 Signup/Login Flow implementation with Email/Google OAuth/Wallet The user should be able to Sign up/log in by
- Google OAuth
- Email
- Connecting their wallet (Glif, Ledger, Brave, or Metamask (Filsnap))		 0 2 16 4 22 $50 $1,100
3 3.3 Discord Community 3.3.1 Filecoin Taxes Discord server with 100 active members A discord server to help Filecoin users do their taxes
Similar to Netrunner.tax community in Solana		 80 0 0 0 80 $0 $0
3 3.4 Documentation 3.4.1 Final Delivery Report

3.4.2 Demo/Instruction Video		 We will publish a final report detailing the progress update for this milestone and the overall project.
We will also update the 2 markdown docs - one each for frontend and backend with steps to run the code.

We will create a 2-3 minute demo video which will act as launch collateral and help users get started.		 2 0 0 0 2 $50 $100
TOTAL 344 404 220 50 1038 $47,900

Timeline

Total Budget Requested

US $47,900

Maintenance and Upgrade Plans

Team

Team Members

Team Website

https://www.findsignal.studio

Relevant Experience

Our team has been building in the blockchain space since 2020:

Team code repositories

Additional Information

Contact Email: rajgoesout@gmail.com

ErinOCon commented 5 months ago

HI @rajgoesout, thank you for your proposal. It looks like the "Development Roadmap" link isn't working. Can this be resubmitted?

rajgoesout commented 4 months ago

Hi @ErinOCon I've updated the link: https://github.com/filecoin-project/devgrants/issues/1748#development-roadmap (it's the development roadmap section in the above issue itself)

ErinOCon commented 4 months ago

Thanks, @rajgoesout!

ErinOCon commented 4 months ago

Hi @rajgoesout, Thank you for your time with this proposal and for your patience with our review. Unfortunately, we will not be moving forward with a grant at this time. To contact our team with inquiries regarding our review or grants program, please send an email to grants@fil.org.

Wishing you the best as you continue building!