Polygon is an Ethereum scaling solution popular for DeFi and NFTs. Top-tier companies like Mastercard, Nike and Starbucks have begun to choose Polygon as their preferred blockchain partner.
It currently has the highest TVL of all Ethereum side chains and the fifth-highest TVL of all blockchains.
The Cryptiony Polygon integration means you can save on gas fees with Polygon while saving on crypto tax costs with Cryptiony.
Polygon is an Ethereum layer 2 scaling solution that allows users to make crypto transactions on an EVM blockchain at a fraction of the cost of Ethereum fees. It is a side chain, which means it is a separate blockchain from Ethereum with its own validators and consensus mechanism, and users can transfer funds between the two chains via bridges.
Polygon is one of the most popular Ethereum L2 projects, it attracts a lot of developers looking to build new crypto projects in an exciting and growing environment. This means there are constantly new dApps for users, which can make calculating taxes difficult.
It is rare to hear the words “taxes” and “simple” in the same sentence, but calculating your Polygon taxes is simple and cheap with our integration.
Traditionally, you would hire an accountant or calculate your taxes yourself. Still, regarding crypto, the wide range of instruments and regulations means the average accountant is not equipped with the right knowledge.
But with Cryptiony, you can calculate your Polygon taxes automatically while following up-to-date crypto tax laws. Just follow the steps below to get started.
You only have to import your Polygon wallet to Cryptiony, and our software will pull your transactions from across all dApps and calculate your taxes for you. This means you can import everything in four easy steps.
All you need to get started is your wallet address; you can find this on the wallet’s home screen or by clicking the receive button (it is the long number beginning with 0x).
Sign up for Cryptiony.
From the Cryptiony dashboard, click transactions, then connect the wallet. .
Select Polygon, then name the wallet and input your wallet address.
Select connect wallet.
To ensure we attribute all your transactions to the correct taxes, sync all your wallets and exchanges.
Although our software is accurate, it’s always best to double-check that all your transactions have been imported correctly. You can do this by clicking taxes on the left navigation bar, scrolling to the bottom of the summary and selecting the transaction list. Then you can ensure all your transactions are included and attributed correctly.
If your transactions have not been imported correctly, please visit our help centre.
You owe taxes on every taxable event, which generally occurs through disposals or receiving crypto. HMRC classifies a disposal as when you sell or transfer crypto to another person. When you use Cryptiony, we automatically detect whether a crypto transfer was a disposal, taxable event or wallet-to-wallet transfer (which is not taxable).
The easiest way to calculate Income Tax and Capital Gains Tax for Matic staking is by using the Cryptiony automated tax software. This is because we will attribute each transaction to Income or Capital Gains Tax for you.
You need to submit a tax report to HMRC. With Cryptiony, you can generate a report in seconds. Once you have generated a tax report, you can attach it to a Self Assessment sheet and file it to HMRC.