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Note 4 - Income Tax Matters
9 Months Ended
Sep. 30, 2020
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
Note
4
– Income Tax Matters
 
At
September 30, 2020,
we estimated our annual effective tax rate for
2020
and
2019
to be
28%
and
41%,
respectively. We recognized a tax (expense) benefit of $(
22,925
) and
$92,764
for the
nine
months ended
September 30, 2020,
respectively. At
September 30, 2020,
the difference from the statutory federal income tax rate is attributable to state income taxes and certain permanent book-tax differences.
 
The Company conducts an on-going analysis to review its net deferred tax asset and the need for a related valuation allowance. As a result of this analysis and the actual results of operations, the Company has decreased its net deferred tax assets by
$2,921
and
$2,170
during the
nine
months ended
September 30, 2020
and
2019,
respectively. The change in deferred tax assets is attributable to the changes in various book/tax differences.