Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

The income tax (benefit) provision consists of the following:

	December 31,
	2023			2022
Income tax be nefit :
Federal tax benefit	$	(597,278	)		(804,966	)
State tax benefi t		(202,221			(272,539	)
Deferred tax benefit		(1,579,032	)		(405,324	)
	$	(2,378,532	)	$	(1,482,829	)
Change in valuation allowance		2,378,532			1,482,829
	$	-		$	-

The reconciliation of the statutory federal rate to the Company’s effective income tax rate is as follows:

	Years Ended December 31,
	2023						2022
	Amount			%			Amount			%
Income tax at U.S. federal income tax rate	$	(2,190,988	)		(21.0	)	$	(1,078,177	)		(21.0	)
State income taxes, net of federal benefit		(741,806	)		(6.8	)		(404,652	)		(7.9	)
Change in valuation allowance		2,932,794			27.8			1,482,829			28.9
Effective income tax	$	-			-		$	-			-

The primary components of the Company’s deferred tax assets and related valuation allowance as of December 31, 2023 and 2022 are as follows:

	December 31,
	2023			2022
Deferred tax assets:
Net operating losses	$	1,877,004		$	1,077,505
Stock compensation and shares issued for services		1,984,356			405,324
		3,861,360			1,482,829
Valuation allowance		(3,861,360	)		(1,482,829	)
Net deferred tax assets	$	-		$	-

PishPosh, Inc. 10-K