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Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes

12) Income Taxes

 

The Company’s overall effective tax rate for the three month periods ended September 30, 2024 and 2023 was 22.2% and 21.7%, respectively, which resulted in a provision for income taxes of $3,383,238 and $1,117,397, respectively, and for the nine month periods ended September 30, 2024 and 2023 was 22.3% and 21.9%, respectively, which resulted in a provision for income taxes of $7,646,071 and $3,258,740, respectively. The Company’s effective tax rate is higher than the U.S. federal statutory rate of 21% due to, among other factors, state income taxes as offset by certain state income tax benefits, along with certain permanent tax adjustments such as meals and entertainment and stock-based compensation. The increase in the effective tax rate when compared to the prior year was 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.