Quarterly report pursuant to Section 13 or 15(d)

Income Tax Provision

v3.22.2.2
Income Tax Provision
 9 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
INCOME TAX PROVISION

R. 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 nine months ended September 30, 2022 and 2021 consisted of the following:

 

    2022     2021  
Federal:            
     Current   $ 48,282     $ 37,281  
     Deferred     (318,900 )     115,038  
       Total     (270,618 )     152,319  
                 
State:                
     Current     (9,254 )     76,338  
     Deferred     (113,900 )     44,800  
       Total     (123,154 )     121,138  
Provision for income taxes   $ (393,772 )   $ 273,457  

 

The Company has an income tax NOL carryforward related to continued operations as of September 30, 2022 and 2021 of approximately $174,400 and zero, respectively. As of September 30, 2022 and 2021, the carryforward is recorded as a deferred tax asset of $545,800 and zero, respectively. Such deferred tax assets can be carried forward indefinitely.