XML 47 R32.htm IDEA: XBRL DOCUMENT v3.22.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Taxes [Abstract]  
Schedule of Deferred Tax Assets and Deferred Tax Liabilities December 31, 2021 2020Deferred tax assets: Tax discounting of claim reserves $ 829,619 $ 834,092Unearned premium reserve 1,503,989 1,236,617Deferred compensation 237,599 152,646Provision for uncollectible accounts 21,000 31,500Other 101,166 (31,340)Deferred tax assets before allowance 2,693,373 2,223,515Less valuation allowance — —Total deferred tax assets $ 2,693,373 $ 2,223,515Deferred tax liabilities: Transition Adjustment for Loss Reserve Discounting $ 150,784 $ 188,480Net unrealized appreciation of securities 1,938,542 2,099,499Deferred policy acquisition costs 1,373,157 1,140,220Property and equipment 100,399 22,963Other 85,353 3,624Total deferred tax liabilities 3,648,235 3,454,786Net deferred tax liability $ (954,862) $ (1,231,271)
Schedule of Effective Income Tax Rate Reconciliation For the Year Ended December 31, 2021 2020Provision for income taxes at the statutory federal tax rates $ 1,041,155 $ 961,455Increase (reduction) in taxes resulting from: Paycheck Protection Program loan forgiveness — (344,673)Dividends received deduction (34,207) (29,474)Tax-exempt interest income (58,153) (61,956)Proration of tax-exempt interest and dividends received deduction 22,359 22,199Nondeductible expenses 48,155 41,418Officer life insurance, net 188 5,784Prior year true-up and other (204,395) 452,240Total $ 815,102 $ 1,046,993