What was the net income (loss) for Best In Class Education Center in 2024?
Best_In_Class_Education_Center Franchise · 2025 FDDAnswer from 2025 FDD Document
uary 10, 2023 to December 31, 2023, were $79,694 and $22,291, respectively. These costs were expensed as incurred
8. STOCKHOLDERS' EQUITY
Under the articles of incorporation, the total number of common shares of stock that the Corporation shall have the authority to issue is 10,000,000 shares with a par value of $0.01 per share, none were issued or outstanding. As of December 31, 2024 and 2023, the entity had $100,000 and $100,000 respectively in additional paid-in capital.
9. INCOME TAXES
The deferred tax assets in the accompanying balance sheets include the following components:
| Deferred income taxes | $ 3,539 | $ | 8,668 |
|---|
The Company's 2024 and 2023 effective income tax rate is 23% federal for 2024 and 21% federal for 2023 and 0% state for both years. The statutory Federal rate for both years is 21%. Federal taxable income is increased by the effect of nondeduct
Source: Item 23 — RECEIPT (FDD pages 47–204)
What This Means (2025 FDD)
According to Best In Class Education Center's 2025 Franchise Disclosure Document, the company's effective income tax rate for 2024 was 23% federal and 0% state. The company experienced income tax expenses of $5,447 for the year ending December 31, 2024. Additionally, as of December 31, 2024, Best In Class Education Center had federal net operating loss carryforwards totaling $18,257, which may be used to offset future income.
This information is relevant to prospective franchisees as it provides insight into the company's financial performance and tax obligations. Understanding the tax rates and potential loss carryforwards can help franchisees assess the financial stability and profitability of Best In Class Education Center. It's important to note that these figures reflect the company's performance as a whole and may not directly translate to the financial performance of an individual franchise location.
It is also important to note that no state tax provision has been recorded for Florida, as income falls below the exemption threshold of $50,000. Similarly, no provision has been made for the Ohio Commercial Activity Tax, California Franchise Tax, or Texas Gross Receipts Tax, as income or gross receipts are below the respective state filing thresholds. This information could be useful for franchisees looking to open a Best In Class Education Center in these states.