Income Taxes |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | |||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Note 9. Income Taxes The provision for income taxes for the three months ended March 31, 2025 and 2024 is based on our projected annual effective tax rate, adjusted for permanent differences and specific items that are required to be recognized in the period in which they are incurred. The effective tax rate was 22.7% for the three months ended March 31, 2025 and 2024. The difference between the effective tax rate and the marginal rate is primarily due to the effect of state and local taxes. The following table presents the income tax expense:
Deferred tax assets and liabilities result from temporary differences in the recognition of income and expense for tax and financial reporting purposes. As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred taxes. Accordingly, management determined that no valuation allowance was necessary at March 31, 2025. The deferred tax liability was $205,789 at March 31, 2025 and $121,649 at December 31, 2024. |
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