Annual report pursuant to Section 13 and 15(d)

Income Tax Provision

v3.24.1
Income Tax Provision
 12 Months Ended
Dec. 31, 2023
Income Tax Provision [Abstract]  
INCOME TAX PROVISION
S. income tax Provision:

 

The Company computes its provision for income taxes by applying the estimated annual effective tax rate to pretax income and adjust the provision for discrete tax items recorded in the period.

 

The provision for income taxes as of and for the years ended December 31, 2023 and 2022 consisted of the following:

 

    2023     2022  
Federal:            
Current   $ 18,040     $ 48,282  
Deferred    
-
       (532,700 )
Total     18,040       (484,418 )
                 
State:                
Current     13,409       (19,469 )
Deferred    
-
       (195,300 )
Total     13,409       (214,769 )
                 
Provision for income taxes   $ 31,449     $ (699,187 )

 

The Company has an income tax NOL carryforward related to continued operations as of December 31, 2023 and 2022 of approximately $3,154,000. As of December 31, 2023 and 2022, the carryforward is recorded as a deferred tax asset of $841,000. Such deferred tax assets can be carried forward indefinitely.