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)%