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FEDERAL AND STATE INCOME TAXES | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
FEDERAL AND STATE INCOME TAXES | NOTE 7 — FEDERAL AND STATE INCOME TAXES Income tax expense consisted of the following:
|  | Year Ended December 31, 2020 |  | Year Ended December 31, 2019 |
State income tax: |  |  |  |  |
Current, net of refund |  | $ | 17,800 |  | $ | 22,514 |
Federal income tax: |  |  |  |  |  |  |
Deferred |  |  | 62,967 |  |  | (186,775 | )
Current |  |  | (62,967 | ) |  | 296,330 |
Income tax expense |  | $ | 17,800 |  | $ | 132,069 |
The reconciliation of income taxes shown in the financial statements and amounts computed by applying the Federal expected tax rate of 21% for year 2020 and 2019 is as follows:
|  | Year Ended December 31, 2020 |  | Year Ended December 31, 2019 |
(Loss)/income before taxes |  | $ | (1,194,263 | ) | $ | 696,418 |
Income taxes computed at the federal statutory rate |  | $ | (250,795 | ) | $ | 146,248 |
State income and franchise tax |  |  | 17,800 |  |  | 22,514 |
Permanent differences and other |  |  | 250,795 |  |  | (36,693 | )
Income tax expense |  | $ | 17,800 |  | $ | 132,069 |
The significant components of deferred income tax assets, net are as follows:
|  | December 31, 2020 |  | December 31, 2019 |
Deferred compensation cost |  | $ | 239,036 |  | $ | 259,068 |
Depreciation and amortization |  |  | (135,092 | ) |  | (71,331 | )
Allowance for bad debts and other |  |  | 21,330 |  |  | 504 |
Deferred income tax assets, net |  | $ | 125,274 |  | $ | 188,241 |
Our U.S. federal and state income tax returns remain open to examination for the tax years 2017 through 2020.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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