SHOPPE BLACK, Author at SHOPPE BLACK

Meet The Black Woman CEO and Veteran Who Has Built a Multimillion Dollar Cybersecurity Company

November 26, 2021November 26, 2021

3 mins read

Phyllis Newhouse is the first Black woman to lead a special purpose acquisition company (SPAC). She is also a serial entrepreneur and investor, retired military senior officer, and mentor.

While serving in the United States Army on various assignments she specialized in National Security and established the Cyber Espionage Task Force. After a 22 year military career, she decided to shift her focus to entrepreneurship.

In 2002 she founded Xtreme Solutions (XSI). XSI provides state-of-the-art information technology and cybersecurity services and solutions and has employees in 42 states, with 40% of its workforce made up of veterans. XSI revenues are reported to exceed $8 million.

In 2019 she founded ShoulderUp alongside Academy Award-winning actress Viola Davis, a nonprofit dedicated to connecting and supporting women on their entrepreneurial journeys.

ShoulderUp Ventures is the first women-founded and led influencer fund providing impact and exclusive access to a diverse portfolio of media, technology companies, and sports entertainment. In 2019 alone its members and affiliates invested over $10 million in companies like Lime, Rent the Runway, and Airbnb.

In 2020, Phyllis co-founded Athena Technology Acquisition Corp., to carry out mergers, capital stock exchanges, asset acquisitions, stock purchases, and reorganizations with one or more businesses in the technology, DTC, and fintech industries.

While Athena is joining over 500 other active SPACs, only 17 of those have a woman as chair or CEO, according to SPAC Track.

In March 2021, Athena closed a $250 million IPO, making it the only SPAC listed on the NYSE with a Black woman CEO. In November 2021,

She told Forbes, “I think about the impact and responsibility that you have to be successful at this. You could be the first Black woman to lead a SPAC, and it could flop, and it would be a disaster, or you could be responsible and own this. “So in my mind, from day one, I had to own this, because I know with the ownership comes a deep responsibility. Others are watching.”

According to a press release, the company currently intends to focus its efforts on identifying businesses in the technology and cybersecurity industries.

Tony O. Lawson

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SHOPPE BLACK HOLIDAY GIFT GUIDE 2021

November 24, 2021November 28, 2021

6 mins read

We’re back with our SHOPPE BLACK Holiday Gift Guide for 2021! This time of year, many celebrate the holidays by treating themselves as well as others to gifts from some amazing Black owned businesses.

If you’re one of those people, look no further! Our gift guide features a range of ideas that will appeal to everyone from the foodies to the techies and more!

SHOPPE BLACK Holiday Gift Guide 2021

FAMILY FUN

Brilliant or BS is the latest Black-owned game to hit the shelves of Target stores nationwide. The 4-6 player party game combines classic trivia with a little bit of bluffing and social deduction for hilarious results.

BLACK Holiday Gift Guide

Tazama African Tarot is a tarot deck with art by an African artist. Every card has a vintage image of a real ancestor in African history, from both the African continent as well the African diaspora in the America’s and the Caribbean.

BLACK Holiday Gift Guide

Puzzle Huddle offers children’s jigsaw puzzles that feature aspirational and affirming images. All products are 20% off during the holiday season

BLACK Holiday Gift Guide

READING IS FUN-TO-MENTAL

Sistah Scifi is the first Black owned bookstore focused on science fiction and fantasy. Get the SOULar Powered Book Bundle that includes: The Year of the Witching , Deathless Divide , The Inheritance Trilogy, and A Song Below Water Available only until January 1st, 2022. The bundle is 20% off the price of the books purchased separately.

Centering on self-care, women empowerment, and Black culture, K Ligg Co seeks to build community through imagery, to inspire & uplift.

ALL THE SMOKE

Tres Lindas Cubanas Cigars is a brand curated by Afro-Cuban twin sisters. The company has three blends, each representing the beautiful shades of Black women. Free shipping on all orders!

SHOPPE BLACK Holiday Gift Guide

SIP SUM

The Irie Cup is a loose leaf tea company run by husband-and-wife team Joseph and Lashanda Lewis. Together, they endeavor to share their heritage with their friends, community, and the world—along with excellent loose-leaf tea, of course.

Enjoy 10% off with code: SHOPPEBLACK

B. Stuyvesant™️ Champagne is one of the few Black owned champagne brands and the only one reppin Bedford-Stuyvesant, the neighborhood in Brooklyn where founder Marvina Robinson grew up.

SELF CARE

Inahsi Naturals offers quality products formulated for naturally curly, textured hair. All products are manufactured cruelty-free in their own facility and are available direct to consumers and distributors worldwide.

Get 25% off sitewide with code ShoppeBlack25 until 12/27/21

HOME SWEET HOME

Torpedopot™ is a containerized self-growing gardening system with a built-in fully automated pressurized plumbing system that waters your plants for you.

BLACK Holiday Gift Guide

House of Versatile Styles (HVS) curates and creates modern luxury home décor featuring a collection of vibes.

BLACK Holiday Gift Guide

Curves by Sean Brown is an expansive line of contemporary homeware. This hand-made cast of Sean’s hands re-imagines sculpture for function.

FASHION FORWARD

Nappy Head Club is a fashion and lifestyle brand that knows the power of unapologetic Blackness and using community to disrupt the fashion industry as we know it. NHC fosters community and safe space for ALL Black people.

Black Friday sale 11/24-11/28 for 25% OFF (NO CODE NEEDED)…..Cyber Monday Sale 11/29 for 30% OFF (NO CODE NEEDED)… use SHOPPEBLACK15 all other times for 15% off sitewide.

Artists Untold offers a collection of elevated streetwear featuring art by up-and-coming Black & underrepresented artists to help promote and monetize their work. Use code SHOPPE10 for 10% off

Actively Black is a premium athleisure wear brand with a mission to re-invest back into the Black community.

FUN FOR FOODIES

K Spice offers spice blends designed with flavor and for a guilt free experience. Get free shipping on orders of $29 or more. Black Friday Flash Sale 25% off Code: SPICE25 Ends Monday 11/29/21

Kitchen Strong is a premium kitchenware line created by husband and wife duo Donnie Morgan and Dr. Dayna Morgan. Their products are designed with a modern style and made of real wood.

SHOPPE BLACK Holiday Gift Guide

Liven up your kitchen with bespoke, hand-made chef’s knives from Middleton Made Knives.

TECH YOUR TIME

The CEEK Virtual Reality headset is a simple easy to use mobile Virtual Reality glasses that are compatible with most iPhone & Android smartphones.

BLACK Holiday Gift Guide

With CEEK 360 Advanced Wireless Bluetooth Headphones’ advanced touch technology, you can play, pause, swipe to skip songs and control volume.

BLACK Holiday Gift Guide

The Mymanu CLIK Wireless Earbuds are the world’s first live voice translation earbuds that enable travelers to speak to more than 2 billion people in 37 languages across the globe.

BLACK Holiday Gift Guide

Tony O. Lawson

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Black Owned Firearm Instruction Business is on a Mission to Protect Black Women

November 17, 2021

5 mins read

My Sister’s Keeper Defense is a Black owned firearm instruction business owned by Marchelle “Tig” Davis. She is on a mission to teach a million women how to defend themselves with firearms.

We caught up with her to find out more about her business and the state of Black gun ownership.

What inspired you to start a firearm instruction business?

In 2015 I started working at a gun range in Atlanta after leaving an abusive relationship. I realized how important self-defense was for my healing process to begin. I had to regain my sense of safety.

While working at the range I met hundreds of women; some were survivors, others just wanted to learn how to use a firearm. I decided to start a woman focused firearm instruction company to provide quality training for these women.

Why is it important to you to instruct Black women in particular?

I make a point to specifically encourage Black women to attend firearms classes because we’re statistically more likely to be attacked or abused. When you think of gun owners, you tend to envision non-black males. I wanted to make sure black women knew that gun ownership was for us too.

black owned firearm

What does it take to build a successful business in this industry? What strategies have you used?

It takes consistency and determination to build a successful business. You also can’t be afraid to fail or take calculated risks. I focus heavily on social media marketing to promote my brand. I also network and create opportunities to meet other like-minded instructors.

I often ask myself, “What’s missing in the gun industry and how can I create that”. Everything you need to know about running a business is on the internet. I constantly watch business related videos, read blogs and study other businesses. Think about the last great business experience you had and ask yourself what made it great. Replicate that.

How has interest in firearm training changed from the last few years to currently?

I’ve seen a steady increase in people seeking firearms training. Americans are more afraid for their safety and realize no one is obligated to help them. I think the beginning of the pandemic really showed people how vulnerable they are. When I started my company in 2016, gun ownership was more taboo and seen as an ‘extremist’ hobby. Now, I see men, women, and children of all ages embracing responsible gun ownership.

Even though there is more interest in gun ownership, there is still hesitancy to learn how to use a firearm. Why is that?

Yes, I definitely still see hesitancy and I think it’s ok. Everyone isn’t mentally, emotionally, or spiritually prepared for the responsibility of becoming a gun owner. There’s also a lot of misinformation and stereotypes out there about gun ownership. I work to replace myth with truth without being disrespectful about people’s beliefs.

Do you feel firearm education can play a role in the reduction of violence against Black women?

Yes, I think so and “education” would be the operative word. Simply owning a firearm does not make anyone safer. Being a gun owner is a lifestyle change that requires consistent firearm training, a mindset change, Stop The Bleed classes, situational awareness training, wardrobe changes, and budgeting.

I fear women are buying firearms because they make them “feel” safer but not seeking out the training necessary to be responsible. I tell my students they should practice at the range at least twice per month with a certified instructor. A partner or family member is not the same as a certified instructor.

Gun owners also need to become subject matter experts on their firearms. Do a self-assessment and ask yourself if you’re ready for this kind of commitment. If not, then gun ownership might not be for you but there are several other ways to defend yourself. You can save your own life if you are both armed and educated.

Related: Black owned Gun Stores and Firearms Training Businesses

Tony O. Lawson

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This Black Owned Media Company is on a Mission to Create Generational Wealth for Black Artists

November 15, 2021November 15, 2021

1 min read

Four Screens is a management, development, and production company that produces fresh new content celebrating under-represented voices.

“We give under-represented talent a chance to realize their full potential and for opening doors that have been shut or inaccessible in the past. It isn’t enough to make diverse content, we have to change the way deals are financed, greenlit, constructed.” – Messiah Jacobs, CEO of Four Screens

The company also manages the Estate of music icon Ol’ Dirty Bastard (ODB) and boxing Heavyweight Champion Joe Frazier.

In this interview with Four Screens CEO, Messiah Jacobs, we discuss:

What inspired the creation of his company
Empowering Black artists while they are here and after they are gone
The importance of intellectual property and why Black creatives should be more business minded.
The $10 billion diversity opportunity and how Four Screen is positioned to play a larger role in it.
The reason behind his decision to raise money through crowdfunding.

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Black Owned Engagement Ring Brand Was Inspired By a Wedding Proposal

November 12, 2021October 20, 2023

3 mins read

Balacia is a Black owned engagement ring brand that allows shoppers to create the engagement and wedding rings of their choice within their budget.

The company uses diamonds, moissanite, and gemstones so buyers have endless options for colors, shapes, and sizes for their rings.

We caught up with Balacia’s Founder and President, Jasmine Carter to find out more about her business.

What inspired you to start Balacia?

After my husband proposed to me in December 2016, I instantly became obsessed with sparkly rings. I did research, practiced designing, and founded Balacia in September 2017.

At first, I only made silver rings and over the years I worked my way into the moissanite (a diamond simulant made of silicon carbide) and diamond market.

Can you describe your experience running your business during the height of the pandemic?

We were blessed enough to have exponential growth during the pandemic. Though many things came to a pause due to the crazy virus (including my old corporate job), love flourished, and we went viral, and were amazed by our growth. Virtual consultations have become a great way to serve clients in the safety of our office.

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A post shared by Balacia (@balaciabridal)

How do you and your husband complement each other as partners in life as well as business?

Devon and I make a great team! We take turns caring for our 7-month-old baby boy and give each other the time we need to work on our business. It’s amazing being able to spend so much time together and work at the same time.

Where do you hope to see the business in the next 5 months?

In 5 months our goal is for our Balacia brand moissanites to be sold with retailers worldwide. After tons of research and trial and error, we’ve finally branded the absolute best moissanites and I want to share them with the world so everyone can have beautiful jewelry.

What advice do you have for aspiring entrepreneurs?

Make it happen! Visualize the life you want, the customers you want to serve, and the amazing reviews. Manifest it and do what it takes. If something isn’t working, tweak it until it does. I failed for so many years and you might too. Live, learn, stay strong, and grow. You got this!

Main image credit (M Harris Studios)

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Black Inventors Create First Bio-Robotic Arm Operated by Brain Signals

November 10, 2021January 17, 2022

4 mins read

A bio-robotic arm created by two Black inventors looks like it’s straight out of a science-fiction movie, but it’s actually not from the future.

David Gathu and Moses Kinyua, inventors from Nairobi, Kenya, have created a bio-robotic prosthetic arm that could change the lives of disabled Kenyans and the future of prosthetics entirely.

Their newest invention doesn’t break a world record; it sets it. Most prosthetic technology is powered by a person’s muscles. Equipped with sensors to detect the flexing of appropriate muscles, the bionic limb will act accordingly. Gathu and Kinyua’s prosthetic works differently. Instead of listening for muscle signals, it listens for brain signals and is the first in the world to do so.

When the brain tells the prosthetic to do something, those signals are converted into an electric current by a NeuroNode biopotential headset receiver, a technology originally invented to assist individuals suffering from paralysis and speech loss. The electrical current is then redirected into the arm’s circuitry, giving the arm both mobility and direction.

The idea for the bio-robotic arm came to the inventors amid the pandemic when they began thinking of how to help their country deal with the devastating virus.

“When the virus hit our country, we decided to create a machine that could help us decontaminate surfaces. It can also be used in schools, restaurants, hospitals,” Kinyua explains, from his workshop in the city of Kikuyu, north of Nairobi.

Though Kenya’s response to the virus has been better than most, it’s easy for hospitals to get overwhelmed rather quickly and a bio-robotic arm can help speed up the disinfectant process, allowing the treating of patients to speed up simultaneously.

The sanitizing device within the arm, though still a prototype, oxidizes oxygen molecules to convert into ozone to be used as a disinfectant. Ozone has been proven to be highly effective in killing bacteria and inactivating viruses on surfaces and remains 50 times more effective and acts 3000 times faster than chlorine, which remains the most popular disinfectant.

Remarkably, the creation of this innovative device comes from humble beginnings. The bio- robotic arm was designed entirely from second-hand parts salvaged from any old, discarded electronics David Gathu and Moses Kinyua could find.

“At the moment, we use raw materials from other discarded appliances because we do not have neither the place nor the resources to obtain the necessary materials to mass-produce,” Kinyua remarks.

Though the two inventors don’t work in a state-of-the-art facility, the work they manage to do with salvaged material is indicative of how possible it is to change the lives of many without an expensive lab or tools.

Though the bio-robotic arm was initially created to help COVID-19 sanitization efforts, the young inventors’ technology can influence how prosthetics for the disabled are produced. The number of applications this technology could have is innumerable and can change how medical technology works in the future.

Tony O. Lawson

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AudioMob, Black Owned Gaming Ad Company Reaches $110 Million Valuation in One Year

November 9, 2021November 9, 2021

2 mins read

AudioMob is a Black owned gaming advertisement company created to help developers monetize their games through audio ads.

Their in-game audio advertising format allows gameplay and connects brands with highly engaged audiences. According to AudioMob, their clients see up to a 2000% increase in engagement when compared to banner ads.

AudioMob has been used in marketing campaigns for major artists like Nas and Justin Bieber, as well as brands such as Intel and Jeep.

Nas himself has commented, “It was interesting to witness the music react in a different landscape. It’s a dope medium for artists to connect with the globe.”

Founded in 2020, the UK-based company recently announced that it has successfully raised $14m for its series A funding, bringing its total valuation to a reported $110 million.

The funding will be used to expand the team in London and Abu Dhabi and develop more experimental audio technology. The company will also continue to file patents in more countries, build out its team and open up opportunities in other regions and markets.

Lead investors Makers Fund and Lightspeed Venture Partners. Additional investors include Sequoia Capital and Google which are known for producing unicorns including Snap and Epic Games alongside some music artists which takes total investment to date $16million.

Christian Facey, CEO at AudioMob told TechCrunch, “We’re thrilled to see investors’ excitement for AudioMob’s vision for long term success and our future. We’re on the precipice of innovating a whole industry with audio and now we’re able to build out our tech and team to ensure we’re disrupting the industry in the right way and ensure we eventually become a future tech industry unicorn.”

Wilfrid Obeng, CTO at AudioMob said, “We understand that consumers don’t want to be interrupted, advertisers want their ads to be heard and game developers want to ensure monetization does not affect retention. And now we have built products which meet all three needs.”

Tony O. Lawson

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Black Owned Dental Practice Lands Partnership With NBA Team

November 7, 2021November 8, 2021

4 mins read

Smile Savvy Cosmetic Dentistry is a Black owned dental practice based in Charlotte, North Carolina. Founders Joya and Drew Lyons took their first step from small business to big partner this year.

The duo joined the NBA’s Charlotte Hornets as a dental partner alongside big brand names such as Coca-Cola, Lowe’s, and NIKE.

The dental practice isn’t the only small business the Hornets signed on with, but it is the only local Black-owned business to make corporate partner with the professional NBA team, and one of only a small few among all NBA partners.

“As one of the few Black owned businesses to partner with the Hornets, we’re just happy to break barriers while continuing to give back,” Dr. Joya Lyons remarked.

Though the monetary details of the partnership are mostly unknown, Josh Rosen, senior director of corporate communication at Hornet S&E, confirmed that it is a multi-year partnership. As part of the deal, Smile Savvy will now be the primary sponsor of the well-loved “Smile Cam” and their branding will be displayed alongside birthday announcements during home games.

Additionally, Smile Savvy will be launching the “Smile Savvy Smile Watch,” in which neither the fans, coaches, staff nor the Hornets players themselves are exempt from being the subject of impromptu photos within this new digital series. Smile Savvy now also retains the rights to use Hornets logos and marks.

black owned dental practice

Furthermore, two lucky fans will get the opportunity to enter sweepstakes for the classy “Date Night” package. Smile Savvy and the Hornets will team up to present the winners with premium tickets, fine dining from the renowned chefs of the Crown Club, and an exclusive behind-the-scenes pregame experience.

The Smile Savvy duo aren’t strangers to giving. After opening their dental practice in 2014, the Lyons lamented the fact that a new smile was a luxury that many couldn’t afford. To remedy that, they launched the Lyons Share in March 2019, a charity organization that aims to give at least 4 people from underserved communities a smile makeover.

The couple rebranded and renewed their interest in cosmetic dentistry during the pandemic, finding the opportunity to present adults with new smiles more important than ever in a time so harrowing and uncertain.

“Smiles are a major part of human connection and interaction,” Dr. Drew Lyons said during a press release. “During the pandemic, people not only missed seeing the smiles of others but also realized how valuable they are when it comes to employment and other opportunities. By partnering with the Charlotte Hornets, we know that we can touch more who desire to have healthy smiles to open more doors through both our office and our charitable arm, the Lyons Share.”

Hornets President and Vice Charmain Whitfield shares the sentiment in his statement. “We look forward to bringing them into our Hornets family and teaming with them to help share healthy smiles.”

As proud dental partners of the Hornets NBA team, there’s no doubt Smile Savvy’s addition will result in healthier smiles and happier hearts team and nationwide.

Tony O. Lawson

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Father and Son Duo Close over $1 Billion Launch Podcast Focused on Building Black Wealth

November 5, 2021November 5, 2021

4 mins read

NEW YORK – National Standard Abstract is launching a new podcast centered on the economic empowerment of Black communities. With the Black buying power expected to reach $1.5 trillion this year, the Black- and family-owned business is now streaming interviews with industry leaders and influencers to help propel students and professionals towards entrepreneurship and sustainability.

The podcast, “All Boxes Checked,” will be hosted by the father-son duo behind National Standard Abstract, a full-service title insurance agency that has closed over $1 billion since 2015. From commercial and residential real estate to financial investment and community empowerment, this podcast will educate listeners on building wealth while circulating money within the Black community.

The “All Boxes Checked” podcast will feature guests such as business professionals and philanthropists to public officials and government agencies that will share their insights on the real estate and title insurance industries in addition to the growth of Black-owned businesses.

As the former epicenter of the global COVID-19 pandemic, New York City businesses and homeowners faced financial uncertainty and ruin. The health crisis spanning nearly two years threatened to destabilize the Black community, which faced a higher unemployment rate, foreclosures, evictions, and business closures without emergency federal coronavirus relief funding. National Standard Abstract is closing the opportunity gap – one conversation at a time.

Some of these guests include Quentin Hardy of Movement Mortgage, who is among the top one percent of loan originators in America; Ralph McDaniels, founder of the Video Music Box who was at the forefront of broadcasting hip hop culture; and other notable individuals whose invaluable expertise will help shift the paradigm.

“Six years ago, National Standard Abstract and Shoppe Black were established with a common goal – to advance cooperative economics. Today, we are forging ahead with the launch of a podcast that amplifies Black voices and elevates our culture. We are dedicating resources to engage in conversations about race, education, and economic mobility,” said Osei Rubie, president and founder of National Standard Abstract.

“It has always been our commitment at National Standard Abstract to serve as a bridge to building community at a time. We are excited to launch a new podcast that will connect listeners of any age at every stage of their careers with resources to become financially secure,” said Nadir Rubie, a partner at National Standard Abstract.

“Shoppe Black is excited to assist National Standard Abstract with the launch of a platform that will complement the work that we do every day – promoting all things Black-owned, globally. We are excited to create new spaces and opportunities for people to connect and exchange ideas. By working together, we are expanding our reach while empowering our audience to grow as individuals and professionals,” said Tony O. Lawson, CEO and co-founder of Shoppe Black.

National Standard Abstract is a full-service title insurance agency with expertise in faith-based developments, residential and commercial real estate transactions. Since launching in 2015, the family- and black-owned firm has closed over $1 billion in transactions within the New York metropolitan area.

As the bridge to building one community at a time, National Standard Abstract expanded its footprint into philanthropy through the Osei Rubie Charitable Fund to help end racial inequity and support the organizations working on the ground to create real change.

All Boxed Checked will be available on YouTube, listening apps, and streaming services.

How is Cryptocurrency Taxed? Everything You Need To Know

November 5, 2021April 13, 2022

4 mins read

Cryptocurrency continues to be the talk of the town, with the whole world watching the increasing price of Bitcoin as it hit its highest ever price twice this year. In October 2021, its price reached $64,000.

As of October 2021, the total crypto market cap reached $2.6 Trillion. With such an increase in adoption, it’s important to understand how cryptocurrency is taxed so that they can better manage their wealth.

Here in this article, we have discussed everything you need to know about how cryptocurrency is taxed.

What is Cryptocurrency?

Cryptocurrency is a virtual currency that does not depend on intermediaries such as banks. Instead, it utilizes blockchain ledger technology to store and verify transactions.

The ledger is secured using strong cryptography. Cryptocurrency is designed as the medium of exchange.

Many different types of cryptocurrencies are available globally, such as Ethereum, Dogecoin, Cardano, Aave, etc.

How is Cryptocurrency taxed?

Many people believe that the government does not back cryptocurrency; therefore, it does not involve taxation. However, that is not true. In the United States, cryptocurrency is taxed almost the same way as traditional assets.

Crypto exchanges report user activity on gains and losses to IRS (Internal Revenue Service) because the IRS treats cryptocurrency as a capital asset which one must pay tax on gains and losses.

How to calculate tax on your Cryptocurrency

Tax on cryptos depends on various factors such as:

Capital gains: When you sell crypto, and its price exceeds the original cost.

Capital loss: When you sell crypto, and its price is less than the original price.

Duration: The length of time you held the assets. The time duration of holding assets determines the gains or losses as “short term” or “long term” and are subjected to tax differently.

Short-term capital gains or losses: If you buy a Cryptocurrency and sell within 365 days, it is considered a short-term gain if the cryptocurrency made a profit.

According to IRS, the Short Term Capital Gain Tax on Cryptocurrency profits is 10% to 37% in 2021.

Tax Rate	Single	Married	Head of Household
10%	$0 – $9950	$0 – $19,900	$0 – $14,200
12%	$9951 – $40,525	$19,901 – $81,050	$14,201 – $54,200
22%	$40,526 – $86,375	$81,051 – $172,750	$54,201 – $86,350
24%	$86,376 – $164,925	$172,751 – $329,850	$86,351 – $164,900
32%	$164,926 – $209,425	$329,851 – $418,850	$164,901 – $209,400
35%	$209,426 – $523,600	$418,851 – $628,300	$209,401 – $523,600
37%	$523,601 or more	$628,301 – more	$523,601 – more

Long-term capital gains or losses

If you own a crypto asset and sell it after one year, the difference between the sale price and purchase price determines long-term capital gain or loss. Long Term Capital Gains are 0% to 20%, which depends on your income.

The chart below shows how cryptocurrency profits (Long Term Capital Gains) are taxed when held for more than a year.

Tax Rate	Single	Married	Head of Household
0%	$0 – $40,400	$0 – $80,800	$0 – $54,100
15%	$40,401 – $445,850	$80,801 – $501,600	$54,101 – $473,750
20%	$445,851 – more	$501,601 – more	$473,751 – more

The Bottom Line

The taxation of cryptocurrency is not as simple as it seems. Cryptocurrencies are highly volatile, therefore, challenging to determine tax. However, crypto gifts below $15,000 do not involve taxation but are subject to capital gain tax if you sell the gift. Inherited cryptos are also subject to tax like other assets.

Its also important to stress that not reporting your Bitcoin earning is considered tax evasion by the IRS, and you have to pay the penalty if you don’t pay the tax after the deficiency notice from the IRS.

Presented by CryptoShare, a lending platform that allows people to lend and borrow money without banks or credit checks.