Tax Returns - 2023, 2024, 2025¶
Refreshed April 29, 2026 from newly uploaded federal Form 1120-S PDFs. OCR was used for scanned returns, so verify critical numbers against the source PDFs before bank/SBA submission.
Federal Form 1120-S Summary¶
| Line Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Gross receipts / sales | $1,703,006 | $1,997,347 | $3,707,280 |
| Cost of goods sold | $900,095 | $1,205,843 | $2,269,256 |
| Gross profit | $802,911 | $791,504 | $1,438,024 |
| Total income | $808,970 | $796,470 | $1,438,712 |
| Compensation of officers | $120,450 | $99,175 | $92,704 |
| Salaries and wages | $145,016 | $94,150 | $170,794 |
| Repairs and maintenance | $11,330 | $9,674 | $29,513 |
| Rents | $106,439 | $97,754 | $106,056 |
| Taxes and licenses | $73,768 | $74,685 | $75,961 |
| Depreciation, line 14 | $35,058 | $25,482 | $23,733 |
| Advertising | $9,114 | $4,261 | $4,133 |
| Pension/profit sharing | $12,020 | $10,330 | $1,765 |
| Employee benefit programs | $18,344 | $4,278 | $17,991 |
| Ordinary business income | $96,454 | $168,018 | $585,209 |
| Section 179 deduction | $0 | $77,404 | $138,095 |
| Gross receipts for Section 448(c) | $1,709,170 | $2,002,389 | $3,708,335 |
| W-2 wages | not captured | not captured | $931,585 |
Tax Return Growth View¶
| Metric | 2023 | 2024 | 2025 | 2023-2025 Change |
|---|---|---|---|---|
| Gross receipts | $1,703,006 | $1,997,347 | $3,707,280 | +117.7% |
| Gross profit | $802,911 | $791,504 | $1,438,024 | +79.1% |
| Ordinary business income | $96,454 | $168,018 | $585,209 | +506.7% |
Key Tax Observations¶
- The federal tax returns confirm the 2025 step-up. Gross receipts increased from $1.997M in 2024 to $3.707M in 2025.
- 2025 ordinary business income is materially lower than the prior QuickBooks P&L net income. Tax return OBI is $585K versus the earlier full-year P&L net income of $799K and the 2025 monthly workbook net income of $481K.
- Section 179 is significant. 2025 Section 179 deduction is $138K, up from $77K in 2024 and $0 in 2023.
- Officer compensation declined. Officer compensation moved from $120K in 2023 to $99K in 2024 and $93K in 2025, consistent with prior notes that owner involvement/compensation changed.
- Rent is stable. Rent sits around $98K-$106K annually across 2023-2025.
Balance Sheet Per Books - Tax Return Extracts¶
OCR for Schedule L is lower-confidence than page 1, but useful directional items were captured:
| Item | 2023 End | 2024 End | 2025 End |
|---|---|---|---|
| Cash | $209,851 | not cleanly captured | $529,767 |
| Trade notes / accounts receivable | $15,398 | not cleanly captured | likely low on tax return OCR; needs verification |
| Total assets | $325,738 | not cleanly captured | $696,870 |
| Other current liabilities | $46,268 | not cleanly captured | $54,149 |
| Retained earnings | $236,435 | not cleanly captured | not cleanly captured |
Use the QuickBooks balance sheets and compiled financial statements for cleaner balance sheet analysis.
Source Files¶
Uploaded source PDFs:
JMS Inputs/Jona 2023 Taxes.pdfJMS Inputs/Jona 2024 Taxes.pdfJMS Inputs/Jona 2025 Taxes.pdf
OCR text generated to:
MD/ocr/Jona_2023_Taxes.txtMD/ocr/Jona_2024_Taxes.txtMD/ocr/Jona_2025_Taxes.txt