Income Taxes (Details 3) - USD ($) |
Dec. 31, 2021 |
Dec. 31, 2020 |
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Components of the deferred tax asset: | ||
Bad debts | $ 1,619,154 | $ 1,513,782 |
Deferred compensation | 6,930 | 9,176 |
Contingent liability - MPF program | 17,838 | 17,838 |
Finance lease | 19,044 | 7,101 |
Unrealized loss on debt securities AFS | 310,208 | 0 |
Deferred SBA PPP fees | 108,668 | 0 |
Other | 22,716 | 20,814 |
Total deferred tax asset | 2,104,558 | 1,568,711 |
Components of the deferred tax liability: | ||
Depreciation | 461,168 | 394,564 |
Limited partnerships | 94,952 | 37,565 |
Mortgage servicing rights | 188,521 | 193,650 |
Unrealized gain on debt securities AFS | 0 | 243,321 |
Investment in CFS Partners | 120,113 | 84,462 |
Operating lease | 3,315 | 3,178 |
Prepaid expenses | 74,426 | 79,810 |
Total deferred tax liability | 942,495 | 1,036,550 |
Net deferred tax asset | $ 1,162,063 | $ 532,161 |
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- Definition Amount of deferred tax liability attributable to taxable temporary differences. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount, before allocation of valuation allowance, of deferred tax asset attributable to deductible temporary differences, classified as other. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from compensation and benefits costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, before allocation of valuation allowance, of deferred tax asset attributable to deductible temporary difference from allowance for credit loss on accounts receivable. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of deferred tax liability attributable to taxable temporary differences from investments in unconsolidated subsidiaries and investments in other affiliates which are not controlled nor consolidated. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of deferred tax liability attributable to taxable temporary differences from investments (excludes investments in subsidiaries and equity method investments). No definition available.
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- Definition Amount of deferred tax liability attributable to taxable temporary differences from leasing arrangements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of deferred tax liability attributable to taxable temporary differences from mortgage servicing rights. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of deferred tax consequences attributable to taxable temporary differences derived from prepaid expenses. No definition available.
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- Definition Amount of deferred tax liability attributable to taxable temporary differences from property, plant, and equipment. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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