The STEEM blockchain is not accountant friendly. If we need to report our income from curation, writing posts, vote selling, etc'. It's unrealistic to go over every action on steemd, to try to figure out how much taxes we owe.
A tool for easy revenue calculation is needed for STEEM. In this post I'll outline the features & functions it needs to have, and hopefully the development can be started. In the end, I'll like to see offers from devs about compensation for developing such a tool.
It can be in the form of liquid STEEM, upvotes, delegations or some combination of the three.
Also, devs are expected to include a time frame in which they guarantee to deliver (in the form of # of days). Please not that going beyond schedule, might force me to cancel the agreement, and finding another dev to finish the job.
Basic Functionality
- The tool needs to be able to connect to a STEEM node to extract data.
- The tool needs to convert STEEM\SP & SBD value to Israeli Shekels (would be nice to other fiat currencies as well).
- The tool needs to differentiate between curation rewards from manual upvotes (the user needs to provide a list of users whom they upvoted manually) and the rest of curation rewards.
- The tool needs to breakdown the currency received from the claim rewards operation in to manual curation rewards, automatic curation rewards, other rewards, and witness rewards in Israeli Shekel value.
- The tool needs to be able to calculate the interest gained on SP during a given time period.
- The tool should allow calculation of all types of profits between 2 dates, starting from 00:00:00 of the first day, and ending on 23:59:59 of the last, using a timezone the user selects. And obviously breaking down how much money was gained from which activity.
- The tool should be able to export all data, organized in a readable and convenient manner to a csv file.
- The tool should be able to show data properly structured within itself, before csv exportation.
- The tool should be able to deduct transactions (allowing the user to set a V in a checkbox to do so) sent to vote sellers. Basically any transaction that includes a post link in a memo should be counted as an 'expense' in the CSV.
- The tool should be able to calculate value of coins received from specified accounts, for easy delegation earnings calculation, and various earning withdrawals (balance withdrawal from services like smartsteem and minnowbooster for example).
- The tool should work properly in Windows 10.
- The tool should allow manual input of coins earned (and the date when they were received) to calculate their value (only STEEM, SP & SBD, obviously).
- The tool's code should be well written and well documented to allow other devs to easily add features to it.
- The tool should be able to calculate fiat gains\losses from conversions between STEEM & SBD on the internal market (steemit.com/market).
- The tool should be either a stand alone executable, or a regularly installed software (not a website that depends on the developer).
- The source code should be published in a public repository on Github by the developer, as mentioned above, properly documented.
If you would wish to alter some of the features to expedite development, or if something on the list seems impracticable, please let me know in the comments or via discord, and I'll have to decide if your proposed alteration is OK.
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Thanks for pointing that out. It has some of the functions I need, but it can only do a partial job. Maybe I should try contacting @schererf, do you know his discord by any chance? @crokkon?
This is a great project which both I personally and Utopian will find very useful. Can we have a Mac version too if that is not too difficult.
At as later step we should try to get it integrated into approved Israeli accounting software.
At this stage it should at least provide an output file that can be directly imported into approved Israeli accounting software.
Great description!
I'm not a developer but it's a great idea.
@imacryptorick, In my opinion opinion you've came up with the good move and now hope that Devs will going to look into it and hopefully this idea will going to transform into the practicality aspect. And Tax is vital aspect so we need tools so that we can also calculate for the tax purposes.
Wishing you an great day and stay blessed. 🙂
@personz Could this task interest you by any chance?
Very interesting, I did a live webinar when we had Dlive on how to pull this information with Steemsql into excel and do exactly what you are looking for, for accounting purposes. I am not a dev, but I wonder if I could help with this?
I'm open to any suggestions, as long as the data can be parsed and calculated in the ways the post specifies.
Wonderful idea. But seriously, we have come to the stage to pay tax for our income on Steem?
Depends on how your goverment treats cryptocurrencies. In most countries its considered a 'digital asset', meaning that you have to pay taxes if you earn it through labor (writing posts for example), and if you bought at a certain price, and sold it for a higher one (capital gains).
I advise you to consult an accountant, to make sure you're not breaking any laws by not reporting the coins you earn from your activity on STEEM.
@fr3eze
Just went through some of your posts it seems like your local gov has gave so much of troubles in the tax related stuff. No wonder you are so aware of it. By far the gov of my staying place (Malaysia & Singapore) is not very concerned how much do we make in the crypto and I'm not trading actively. But the service you are proposing is gonna be beneficial to the whole Steem community anyhow.
This means, point in time prices or rather historical prices of various currencies also should be taken into consideration.
That would be true. A web scraper or Forex related API needs to be used to calculate the fiat value of STEEM & SBD earned.
bingo! - there is a wallet called Exodus. They show historic values of the coins FYI
Hi, I have noticed you are voting for the witness @cryptwo that has been inactive for over 200 days, maybe could you consider changing the vote for me, @igormuba, as I am a new and active witness? Thank you, hope you can support my campaign
Don't take it personally, but
at least remove your vote from dead witnesses... you are voting for a witness that has been inactive for almost 1 year...
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