Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.21.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2020
INCOME TAXES  
Significant components of the income taxes
    2020     2019  
Current                
State and local   $ (34,000 )   $ 50,000  
Federal     (430,000 )     (197,000 )
Total Current Tax Expense   $ (464,000 )   $ (147,000 )
                 
Deferred                
State and local     (32,000 )      
Federal     (458,000 )     168,000  
Total Deferred Tax Expense (Benefit)     (490,000 )     168,000  
                 
Total Income Taxes   $ (954,000 )   $ 21,000  
Significant components of deferred tax assets

 

 

2020

 

 

2019

 

Deferred tax assets:
Net operating loss carry forwards

 

$

1,665,000

 

 

$

490,000

 

 

 

 

 

 

 

 

 

 

Deferred Tax Liability

 

 

(711,000

)

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Allowance

 

 

        ―

 

 

 

(490,000

)

 

 

 

 

 

 

 

 

 

Total deferred tax assets

 

$

954,000

 

 

$

 

Significant components of federal income tax
    Years Ended  
   

December 31,

 
   

2020

   

2019

 
             
Income tax - statutory rate     21.0%       21.0%  
Permanent difference     (5.05)%        
State and other     1.48%       (2.82)%  
Adjustment of tax liability     8.27%
Valuation allowance on deferred tax assets     18.4%       (27.63)%  
  Total     35.83%       (1.18)%