What was the total current income tax expense for My Salon Suite in 2023?
My_Salon_Suite Franchise · 2025 FDDAnswer from 2025 FDD Document
inancial statements.
9. Income Taxes
The expense (benefit) for income taxes consists of the following for the years ended December 31:
| 2023 | 2022 | |
|---|---|---|
| Current Federal State Foreign | $ 7,383,607 1,182,311 194,807 | $ 4,819,044 410,927 221,329 |
| Total | 8,760,725 | 5,451,300 |
| current | ||
| Deferred: Federal State | 147,498 34,769 |
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 total current income tax expense for the company in 2023 was $8,760,725. This figure represents the sum of federal, state, and foreign current income taxes for that year. Understanding the components of this tax expense can be valuable for prospective franchisees as it provides insight into the overall financial health and tax obligations of My Salon Suite.
Breaking down the current income tax expense, the federal portion amounted to $7,383,607, the state portion was $1,182,311, and the foreign portion was $194,807. These individual figures, when combined, constitute the total current income tax expense. This level of detail can help potential franchisees appreciate the various jurisdictions in which My Salon Suite incurs tax liabilities.
It's important to note that this is just the 'current' portion of the income tax expense. My Salon Suite also reports 'deferred' tax expenses, which relate to future tax liabilities or assets. For 2023, the total deferred income tax expense was $182,267. The total income tax expense, combining both current and deferred portions, was $8,942,992. Reviewing both current and deferred tax expenses provides a more comprehensive view of My Salon Suite's tax situation and its potential impact on the company's profitability.