What was the total current federal income tax for My Salon Suite in 2023?
My_Salon_Suite Franchise · 2025 FDDAnswer from 2025 FDD Document
me taxes consists of the following for the years ended December 31:
| 2024 | 2023 | |
|---|---|---|
| Current: Federal State Foreign | $ 8,518,832 970,215 228,704 | $ 7,383,607 1,182,311 194,807 |
| Total current | 9,717,751 | 8,760,725 |
| Deferred: Federal State | (644,155 ) (152,450 ) | 147,498 34,769 |
| Total deferred | (796,605 ) |
Source: Item 6 — Other Intangibles and Goodwill (FDD pages 274–314)
What This Means (2025 FDD)
According to My Salon Suite's 2025 Franchise Disclosure Document, the current federal income tax for the year 2023 was $7,383,607. This figure is part of the broader disclosure of income tax-related information in the financial statements. It's important to note that this is just the federal component and doesn't include state or foreign income taxes.
For a prospective franchisee, understanding the franchisor's tax obligations can provide insights into the financial health and stability of the company. While franchisees are responsible for their own business's tax obligations, the financial performance of the franchisor can affect the support and resources available to franchisees. A significant change in the franchisor's tax liabilities from year to year could signal changes in profitability or tax strategies.
It is also important to note that this figure represents only the current portion of federal income tax. The total income tax expense also includes deferred taxes, which reflect future tax liabilities or assets. Reviewing both current and deferred tax components provides a more complete picture of My Salon Suite's tax situation. Franchisees should consult with financial advisors to understand the implications of these figures and how they relate to the overall financial performance of the franchise system.