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Income Tax (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Effective Income Tax Rate Reconciliation | The components of income taxes benefit are as follows: Schedule of Effective Income Tax Rate Reconciliation
|  | December 31, 2024 |  |  | December 31, 2023 |
Federal rate |  |  | 21.00 | % |  |  | 21.00 | %
Blended state tax rate |  |  | 4.12 | % |  |  | 4.11 | %
Effective tax rate |  |  | 25.12 | % |  |  | 25.11 | %
Schedule of Effective Tax Rate Reconciliation | Schedule of Effective Tax Rate Reconciliation
Effective Tax Rate Reconciliation for the Year Ended December 31, 2024
|  |  |  |  | % |  |  | $ |
Pretax Book Income |  |  | 959,561 |  |  |  | 21.00 | % |  |  | 201,508 |
Permanent Differences |  |  | 84,240 |  |  |  | 1.84 | % |  |  | 17,690 |
PY Federal Perm True-up |  |  | 117,653 |  |  |  | 2.57 | % |  |  | 24,707 |
State income tax |  |  | 68,981 |  |  |  | 6.79 | % |  |  | 65,198 |
Other Deferred adjustment |  |  | - |  |  |  | -0.73 | % |  |  | (6,989 | )
Total Tax Expenses |  |  |  |  |  |  | 31.47 | % |  |  | 302,114 |
HOUR LOOP, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2024 and 2023
Effective Tax Rate Reconciliation for the Year Ended December 31, 2023
|  |  |  |  | % |  |  | $ |
Pretax Book Income |  |  | (3,160,454 | ) |  |  | 21.00 | % |  |  | (663,695 | )
Permanent Differences |  |  | 78,048 |  |  |  | -0.52 | % |  |  | 16,390 |
PY Federal Perm True-up |  |  | 73,914 |  |  |  | -0.49 | % |  |  | 15,522 |
State income tax |  |  | 24,136 |  |  |  | 3.12 | % |  |  | (98,586 | )
Other Deferred adjustment |  |  | - |  |  |  | 0.01 | % |  |  | (391 | )
Total Tax benefits |  |  |  |  |  |  | 23.12 | % |  |  | (730,760 | )
Schedule of Tax Expense Summary | Schedule of Tax Expense Summary
|  | Current |  |  | Deferred |  |  | Total |
|  | Income Tax |  |  | Income Tax |  |  | Income Tax |
Tax Expense Summary, for the Year Ended December 31, 2024 |  | Expense |  |  | Expense |  |  | Expense |
Federal |  |  | 39,989 |  |  |  | 193,145 |  |  |  | 233,134 |
State |  |  | 18,013 |  |  |  | 50,967 |  |  |  | 68,980 |
Total Tax Expense |  |  | 58,002 |  |  |  | 244,112 |  |  |  | 302,114 |
|  | Current |  |  | Deferred |  |  | Total |
|  | Income Tax |  |  | Income Tax |  |  | Income Tax |
Tax Expense Summary, for the Year Ended December 31, 2023 |  | Benefit |  |  | Benefit |  |  | Benefit |
Federal |  | $ | (637,242 | ) |  | $ | - |  |  | $ | (637,242 | )
State |  |  | (117,654 | ) |  |  | 24,136 |  |  |  | (93,518 | )
Total tax expense (benefit) |  | $ | (754,896 | ) |  | $ | 24,136 |  |  | $ | (730,760 | )
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets at December 31, 2024 and 2023 were as follows: Schedule of Deferred Tax Assets and Liabilities
|  | Deferred Tax Assets |  |  | Deferred Tax Assets |
Deferred Tax Assets summary |  | December 31, 2024 |  |  | December 31, 2023 |
Federal |  | $ | 908,691 |  |  | $ | 1,101,836 |
State |  |  | 151,413 |  |  |  | 202,379 |
Total |  | $ | 1,060,104 |  |  | $ | 1,304,215 |
|  | Deferred Tax Assets |  |  | Deferred Tax Assets |
Deferred Tax Assets summary |  | December 31, 2024 |  |  | December 31, 2023 |
Operating lease right of use lease assets |  | $ | 787 |  |  | $ | 172 |
Inventories allowance |  |  | 140,743 |  |  |  | 169,725 |
Net loss carry forward |  |  | 918,574 |  |  |  | 1,134,318 |
Total |  | $ | 1,060,104 |  |  | $ | 1,304,215 |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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