Quarterly report pursuant to Section 13 or 15(d)

Income Tax Provision

v3.22.2.2
Income Tax Provision
 6 Months Ended
Jun. 30, 2022
Income Tax Disclosure [Abstract]  
INCOME TAX PROVISION
Q. 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 six months ended June 30, 2022 and 2021 consisted of the following:

 

    2022     2021  
Federal:            
Current   $ 48,282     $ 33,551  
Deferred     (203,700 )     (94,275 )
Total     (155,418 )     (60,724 )
                 
State:                
Current     6,153       76,338  
Deferred     (70,000 )     (34,000 )
Total     (63,847 )     42,338  
Provision for income taxes   $ (219,265 )   $ (18,386 )

 

The Company has an income tax NOL carryforward related to continued operations as of June 30, 2022 and 2021 of approximately $174,400 and zero, respectively. As of June 30, 2022 and 2021, the carryforward is recorded as a deferred tax asset of $386,700 and $128,275, respectively. Such deferred tax assets can be carried forward indefinitely.