NOTE A - SUMMARY OF ACCOUNTING POLICIES AND NATURE OF OPERATIONS: Income Taxes (Policies)

12 Months Ended

Dec. 31, 2020

Policies

Income Taxes

Income Taxes

The Company accounts 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. The Company recognizes the amount of taxes payable or refundable for the current year and recognizes deferred tax liabilities and assets for the expected future tax consequences of events and transactions that have been recognized in the Company’s financial statements or tax returns.

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

The Company files income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions.