Income Taxes

12 Months Ended

Dec. 31, 2021

Income Taxes

Note 9. Income Taxes

Note 9. Income Taxes

Income tax (benefit) provision for the years ended December 31, 2021 and 2020 are as follows: 

	2021			2020
Federal income tax expense(benefit) attributed to:
Federal income tax at statutory rate of 21%	$	(29,400	)	$	(64,400	)
Change in valuation allowance		29,400			62,900
Other		-			1,500
Net expense (benefit)	$	-		$	-

Significant items comprising our net deferred tax amount for the years ended December 31, 2021 and 2020 are as follows:

	2021			2020
Deferred tax attributed
Net operating loss carryforward	$	92,300		$	62,900
Less: Valuation allowance		(92,300	)		(62,900	)
Net deferred tax asset	$	-		$	-

In assessing the recoverability of the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in the periods in which those temporary differences become deductible. Management considers the schedule reversals of future deferred tax assets, projected future taxable income, and tax planning strategies in making this assessment. As a result, management determined it was more likely than not that deferred tax assets would not be realized as of December 31, 2021. The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before provision for income taxes. The sources and tax effects of the differences are reflected in the table above.

At December 31, 2021, we had an unused net operating loss carryover of approximately $457,000, which were generated subsequent to 2017, after taking certain non-deductible items into account, that is available to offset future taxable income which carryforward indefinitely. All prior tax years remain open currently.