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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Summary of Income Tax Liability

The Company’s income tax liability is summarized as follows:

 Summary of Income Tax Liability

		2024				2023
		December 31,
		2024				2023
Current		$	(725,175	)		$	246,437
Deferred			13,804,432				13,506,544
Total		$	13,079,257			$	13,752,981

Schedule of Deferred Tax Assets and Liabilities

The significant components of the Company’s deferred tax assets and liabilities are approximately as follows:

 Schedule of Deferred Tax Assets and Liabilities

		2024				2023
		December 31,
		2024				2023
Assets
Future policy benefits		$	15,144,640			$	14,902,816
Loan loss reserve and allowances			1,395,203				1,908,243
Unearned premium			422,453				534,203
Net operating loss			1,245,888				1,050,770
Deferred compensation			2,033,686				2,138,385
Tax on unrealized appreciation			-				491,271
Total deferred tax assets			20,241,870				21,025,688
Liabilities
Deferred policy acquisition costs			19,104,454				18,478,562
Basis difference in property, equipment and real estate			8,973,198				11,054,092
Value of business acquired			1,573,236				1,778,199
Deferred gains			1,365,803				1,308,365
Trusts			1,064,387				1,064,387
Intangibles			717,336				516,210
Other			534,311				332,417
Tax on unrealized appreciaton			713,577				-
Total deferred tax liabilities			34,046,302				34,532,232
Net deferred tax liability		$	13,804,432			$	13,506,544

Schedule of Components of Income Tax Expense (Benefit)

The Company’s income tax expense is summarized as follows:

 Schedule of Components of Income Tax Expense (Benefit)

		2024				2023
		December 31,
		2024				2023
Current
Federal		$	7,182,377			$	4,091,306
State			73,654				209,537
Total Current Income Tax Expense (Benefit)			7,256,031				4,300,843
Deferred
Federal			189,698				(2,139,124	)
State			122,273				(356,365	)
Total Deferred Income Tax Expense (Benefit)			311,971				(2,495,489	)
Total		$	7,568,002			$	1,805,354

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of income tax expense at the U.S. federal statutory rates is as follows:

 Schedule of Effective Income Tax Rate Reconciliation

		2024				2023
		December 31,
		2024				2023
Computed expense at statutory rate		$	7,161,792			$	3,423,086
State tax expense (benefit), net of federal tax benefit			154,782				(115,994	)
Change in valuation allowance			-				(1,506,144	)
Other, net			251,428				4,406
Income tax expense		$	7,568,002			$	1,805,354

Summary of Operating Loss Carryforwards

 Summary of Operating Loss Carryforwards

Net Operating Losses and Tax Credit Carryforwards:

Year of Expiration
2025		$	-
2026			-
2027			-
2028			-
2029			-
Thereafter up through 2037			735,671
Indefinite carryforwards			2,436,242
		$	3,171,913

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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-Topic 740
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization.

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