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NOTE A - SUMMARY OF ACCOUNTING POLICIES AND NATURE OF OPERATIONS: Income Taxes (Policies)
12 Months Ended
Dec. 31, 2021
Policies  
Income Taxes

Income Taxes

 

We account for income taxes utilizing the liability method, where deferred tax assets and liabilities are determined based on the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial and income tax reporting purposes, using enacted statutory tax rates in effect for the year in which the differences are expected to reverse. The effects of future changes in tax laws or rates are not included in the measurement.  

 

On a regular basis, we evaluate all available evidence, both positive and negative, regarding the ultimate realization of the tax benefits of our deferred tax assets and a valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized.

 

We file income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions.