Company: LIFD
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001096906-25-001332
Chunk: 28

Company: LFTD PARTNERS INC.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 28
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  -   -   -   -    (57,383)  (138,540)  (134,926)  (543,488)Total Provision/(Benefit) for Income Taxes $(54,828) $(134,526) $(134,536) $(532,478) The Company currently believes that all significant filing positions are highly certain and that all of its significant income tax filing positions and deductions would be sustained upon audit. Therefore, the Company has no significant reserves for uncertain tax positions and no adjustments to such reserves were required by US GAAP. The Company’s policy is to recognize accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes. 

 F-21Table of Contents

 A reconciliation of the amount of tax provision (benefit) computed using the U.S. federal statutory income tax rate to the provision for income taxes on continuing operations is as follows:   For the Three Months Ended  For the Six Months Ended    June 30,    June 30,    2025  2024  2025  2024              Domestic-Federal $(69,514) $(138,968) $(150,713) $(463,619)State taxes, net of federal benefit  (15,176)  (35,458)  (35,171)  (120,916)Non-deductible expenses  10,931   35,942   29,416   40,852 Franchise taxes  7,240   4,014   11,155   11,010 Revision of prior years' provision to return filing  6,649   -   570   - Change in estimated future income tax rates  32,224   5,054   64,024   (17,274)Change in valuation allowance  (27,182)  (5,111)  (53,815)  17,469 Other  (1)  -   (1)  - Total Provision/(Benefit) for Income Taxes $(54,828) $(134,526) $(134,536) $(532,478) Deferred tax assets and liabilities as of June 30, 2025 and December