Annual report pursuant to Section 13 and 15(d)

Income Tax Provision

v3.23.1
Income Tax Provision
 12 Months Ended
Dec. 31, 2022
Income Tax Provision [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 years ended December 31, 2022 and 2021 consisted of the following:

 

    2022     2021  
Federal:            
Current   $ 48,282     $
-
  
Deferred     (532,700 )     (76,300 )
Total     (484,418 )     (76,300 )
                 
State:                
Current     (19,469 )     5,500  
Deferred     (195,300 )     (36,700 )
Total     (214,769 )     (31,200 )
Provision for income taxes   $ (699,187 )   $ (107,500 )

 

The Company has an income tax NOL carryforward related to continued operations as of December 31, 2022 and 2021 of approximately $728,000 and 113,000, respectively. As of December 31, 2022 and 2021, the carryforward is recorded as a deferred tax asset of $841,000 and 113,000, respectively. Such deferred tax assets can be carried forward indefinitely.