What was the total income tax expense for Itan for the year ending December 31, 2024?
Itan Franchise · 2025 FDDAnswer from 2025 FDD Document
| Current taxes: | ||||
|---|---|---|---|---|
| Federal | $ | - | $ | 64,194 |
| State | 6,013 6,013 | 32,905 97,099 | ||
| Deferred taxes: | ||||
| Federal | 5,153 | 1,772 | ||
| State | 2,149 7,302 | 818 2,590 | ||
| Income tax expense | $ | 13,315 | $ | 99,689 |
Source: Item 23 — RECEIPT (FDD pages 44–190)
What This Means (2025 FDD)
According to Itan's 2025 Franchise Disclosure Document, the total income tax expense for the year ending December 31, 2024, was $13,315. This figure is broken down into current and deferred taxes.
The current taxes include both federal and state taxes. For 2024, the federal current taxes were $0, while the state current taxes were $6,013. The deferred taxes also include federal and state portions, with the federal deferred taxes being $5,153 and the state deferred taxes being $2,149 for 2024.
In comparison, the income tax expense for the year ending December 31, 2023, was significantly higher at $99,689. This consisted of federal current taxes of $64,194, state current taxes of $32,905, federal deferred taxes of $1,772, and state deferred taxes of $818. This detailed breakdown allows potential franchisees to understand the components of Itan's income tax expenses and how they have changed year over year.