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Income Taxes
 6 Months Ended
Jun. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes

12) Income Taxes

 

The Company’s overall effective tax rate for the three month periods ended June 30, 2023 and 2022 was 22.0% and 24.4%, respectively, which resulted in a provision for income taxes of $1,796,627 and $1,155,397, respectively, and for the six month periods ended June 30, 2023 and 2022 was 22.0% and 25.8%, respectively, which resulted in a provision for income taxes of $2,141,343 and $2,370,195, respectively The Company’s effective tax rate differs from the U.S. federal statutory rate of 21% due to its benefit for state income taxes, along with certain permanent tax adjustments such as meals and entertainment and stock-based compensation. The decrease in the effective tax rate when compared to the prior year is primarily due to the Company’s state income tax provision.

 

Interim income taxes are based on an estimated annualized effective tax rate applied to the respective quarterly periods, adjusted for discrete tax items in the period in which they occur. Although the Company believes its tax estimates are reasonable, the Company can make no assurance that the final tax outcome of these matters will not be different from that which it has reflected in its historical income tax provisions and accruals.