Introduction and Problem
The Tax Center API Suite is a powerful set of APIs engineered to empower digital asset brokers, traditional finance brokers, and digital payment platforms, enabling them to provide a streamlined tax experience for their customers. The impending enactment of the Infrastructure Investment and Jobs Act is set to naturally heighten the demand for these APIs.
Sales and marketing efforts were primarily focused on a Tax Center page, designed as a one-stop shop for end users to access vital tax information. This functionality has not resonated with our customers as expected. Insights from user interviews suggested they viewed this page as a conduit for tax forms delivery, not as a distinguishing feature.
Some customers envisioned a comprehensive page with detailed insights, they conceded such features rank low on their companies’ priorities. Considering that distributing tax forms to their customers post-production by TaxBit is not a technically challenging task, they regard the Tax Center as non-essential. Once customers were informed about the potential of integrating the APIs in various areas of their application, they showed interest, exploring how the APIs could enhance the user experience (Paypal and Binance). An internal survey suggested that customers may not fully grasp the extensive capabilities of our API suite.
The Solution
We rebranded the Tax Center product to expand the customers’ perception of its potential. As part of the rebranding effort we created promotional materials showcasing alternative use cases. Spotlighting the top use cases in separate dedicated campaigns.
Focus Area One
Transaction Resolution Center
The Resolution Center workflow helps you to identify missing wallets and exchanges. For example, It enables you to resolve transactions that must be marked as Self-Transfer with missing transactions. To complete your reports, you’ll need to finish importing your transactions, categorizing any that aren’t automatically reconciled, and reconciling Self-Transfers. To receive accurate tax reports, you must import all of your wallets or exchanges.
Focus Area Two
Distribution Charts
Allocating assets to diversify a portfolio is arguably the foremost pillar of investing. It involves balancing risk versus reward by owning varying percentages of different assets. In most cases, this balancing process involves translating your financial circumstances, objectives, and constraints into a bucket of assets — a portfolio — to achieve your financial goals in conjunction with your tolerance for risk. Creating a balanced portfolio requires that you choose specific investment products (stocks, bonds, commodities, real estate, cryptos) to generate passive returns and protect against market volatility.
Focus Area Three
Added Sources
The platform designed to make filing your crypto taxes and tracking your gains & losses easier than ever.
Focus Area Four
Connected Sources
No matter what crypto exchanges, wallets, or blockchains you use, we support them for tracking trades and calculating taxes. We use read-only access in our integrations to protect your funds.
Focus Area Five
Transaction Tables
Transactions are messages that state the movement of bitcoins from senders to receivers. Transactions are digitally signed using cryptography and sent to the entire Bitcoin network for verification.
Focus Area Six
Transactions In/Out, Edit Transactions
We rebranded the Tax Center product to expand the customers’ perception of its potential. As part of the rebranding effort we created promotional materials showcasing alternative use cases. Spotlighting the top use cases in separate dedicated campaigns.
Focus Area Seven
Defi – Liquidity Pool
Through peer-to-peer financial networks, DeFi uses security protocols, connectivity, software, and hardware advancements. This system eliminates intermediaries like banks and other financial service companies. These companies charge businesses and customers for using their services, which are necessary in the current system because it’s the only way to make it work. DeFi uses blockchain technology as a way to reduce the need for these intermediaries.
