Income Taxes |
6 Months Ended |
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Jun. 30, 2023 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes |
12. Income Taxes
The Company uses an estimated annual effective tax rate, which is based on expected annual income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which the Company operates, to determine its quarterly provision for income taxes.
The Company had income tax expenses of $432,000 and $347,000 for continuing operations for the three months ended June 30, 2023 and 2022, respectively, and income tax expense and income tax benefit of $228,000 and ($326,000) for continuing operations for the six months ended June 30, 2023 and 2022, respectively. The Company’s effective tax rates were approximately 45.4% and (38.1%) for the three months ended June 30, 2023 and June 30, 2022, respectively, and 53.0% and 11.5% for the six months ended June 30, 2023 and June 30, 2022, respectively. The Company’s effective tax rates for the three and six months ended June 30, 2023 were impacted by non-deductible expenses and state taxes. The tax expense for the three months ended June 30, 2023 were primarily driven by the change in forecasted income for the year which resulted in an increase in the estimated annual effective tax rate and an increase in the year to date tax expense for the six months ended June 30, 2023.
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- References No definition available.
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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. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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