Note 4 - Income Tax Matters

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Note

4

– Income Tax Matters

At

September 30, 2019,

we estimated our annual effective tax rate for

2019

to be

41%.

We recognized a tax benefit of

$92,764

for the

nine

months ended

September 30, 2019.

At

September 30, 2019,

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) increased its net deferred tax assets by $(

2,170

) and

$47,032

during the

nine

months ended

September 30, 2019

and

2018,

respectively. The change in deferred tax assets is attributable to the changes in various book/tax temporary differences.