Quarterly report pursuant to Section 13 or 15(d)

Income Tax Provision

v3.23.3
Income Tax Provision
 9 Months Ended
Sep. 30, 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 nine months ended September 30, 2023 and 2022 consisted of the following:

 

    2023     2022  
Federal:            
Current   $
-
     $ 48,282  
Deferred     (335,000 )     (318,900 )
Total     (335,000 )     (270,618 )
                 
State:                
Current     29,043       (9,254 )
Deferred     (158,000 )     (113,900 )
Total     (128,956 )     (123,154 )
                 
Provision for income taxes   $ (463,957 )   $ (393,772 )

 

The Company has an income tax NOL carryforward related to continued operations as of September 30, 2023 and 2022 of approximately $3,114,000 and $174,400, respectively. As of September 30, 2023 and 2022, the carryforward is recorded as a deferred tax asset of $1,334,000 and $545,800, respectively. Such deferred tax assets can be carried forward indefinitely.