Income Taxes |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Note 9. Income Taxes The provision for income taxes for the three and nine months ended September 30, 2026 and 2025 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% and 22.6% for the three and nine months ended September 30, 2026, and 22.7% for the same periods in 2025. The difference between the effective tax rate and the federal statutory rate of 21% 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 September 30, 2026 nor December 31, 2025. The deferred tax liability was $615,244 at September 30, 2026 and $389,572 at December 31, 2025. |
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