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Income Tax | 6 Months Ended
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Jun. 30, 2022
Income Tax Disclosure [Abstract] |
Income Tax | NOTE 11 – Income Tax The components of income taxes provision (benefit) are as follows: Schedule of Effective Income Tax Rate Reconciliation
|  | June 30, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
Federal rate |  |  | 21.02 | % |  |  | 21.00 | %
Blended state tax rate |  |  | 3.81 | % |  |  | 4.05 | %
Effective tax rate |  |  | 24.83 | % |  |  | 25.05 | %
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at June 30, 2022 and 2021 are presented below: Schedule of Components of Income Tax Provision (Benefit)
|  | Current |  |  | Deferred |  |  | Total |
|  | income tax |  |  | income tax |  |  | income tax |
Tax Expense Summary |  | expense (benefit) |  |  | benefit |  |  | benefit |
Federal |  |  | - |  |  |  | (236,678 | ) |  |  | (236,678 | )
State |  |  | - |  |  |  | (42,864 | ) |  |  | (42,864 | )
Total Tax Expense |  |  | - |  |  |  | (279,542 | ) |  |  | (279,542 | )
HOUR LOOP, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS June 30, 2022 (Unaudited) The Company files income tax return in the U.S. federal jurisdiction and Washington state jurisdictions. Based on management’s evaluation, there is no provision necessary for material uncertain tax positions for the Company at June 30, 2022. Schedule of Deferred Tax Assets and Liabilities
|  | Deferred Tax |  |  | Deferred Tax |
|  | Assets |  |  | Assets |
Deferred Tax Assets summary |  | June 30, 2022 |  |  | December 31, 2021 |
Federal |  |  | 274,815 |  |  |  | 38,137 |
State |  |  | 50,215 |  |  |  | 7,351 |
Total Net DTA (DTL) |  |  | 325,030 |  |  |  | 45,488 |
|  | Deferred Tax |  |  | Deferred Tax |
|  | Assets |  |  | Assets |
DTA/(DTL) Summary |  | June 30, 2022 |  |  | December 31, 2021 |
ROU |  |  | (780 | ) |  |  | (780 | )
Inventories Allowance |  |  | 93,583 |  |  |  | 46,268 |
Net Loss |  |  | 232,227 |  |  |  | - |
Total Net DTA (DTL) |  |  | 325,030 |  |  |  | 45,488 |

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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