Note 8 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	December 31,
	2022		2021
Deferred tax assets:
Tax discounting of claim reserves	$	931,054	$	829,619
Unearned premium reserve		1,686,905		1,503,989
Net unrealized depreciation of securities		2,105,391		—
Deferred compensation		316,051		237,599
Provision for uncollectible accounts		10,500		21,000
Other		89,347		101,166
Deferred tax assets before allowance		5,139,248		2,693,373
Less valuation allowance		—		—
Total deferred tax assets	$	5,139,248	$	2,693,373
Deferred tax liabilities:
Transition Adjustment for Loss Reserve Discounting	$	113,088	$	150,784
Net unrealized appreciation of securities		—		1,938,542
Deferred policy acquisition costs		1,505,078		1,373,157
Property and equipment		143,047		100,399
Other		81,347		85,353
Total deferred tax liabilities		1,842,560		3,648,235
Net deferred tax asset (liability)	$	3,296,688	$	(954,862	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	For the Year Ended December 31,
	2022			2021
Provision for income taxes at the statutory federal tax rates	$	(151,584	)	$	1,041,155
Increase (reduction) in taxes resulting from:
Dividends received deduction		(71,819	)		(34,207	)
Tax-exempt interest income		(49,460	)		(58,153	)
Proration of tax-exempt interest and dividends received deduction		29,506			22,359
Nondeductible expenses		74,159			48,155
Officer life insurance, net		(2,500	)		188
Prior year true-up and other		31,532			(204,395	)
Total	$	(140,166	)	$	815,102