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Income Taxes | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Income Taxes | Note 10 - Income Taxes The provision for income taxes consists of the following:
|  | December 31, |
|  | 2019 |  |  | 2018 |
Current income tax expense: |  |  |  |  |  |  |  |
Federal |  | $ | 438,528 |  |  | $ | 334,526 |
State |  |  | 81,681 |  |  |  | 70,783 |
Total current income tax expense |  |  | 520,209 |  |  |  | 405,309 |
Deferred income tax benefit: |  |  |  |  |  |  |  |
Federal |  |  | (51,419 | ) |  |  | (82,241 | )
State |  |  | (8,790 | ) |  |  | (14,060 | )
Total deferred income tax benefit |  |  | (60,209 | ) |  |  | (96,301 | )
Total income tax expense |  | $ | 460,000 |  |  | $ | 309,008 |
The reconciliation of income taxes calculated at the statutory rates to our effective tax rate is as follows:
|  | December 31, |
|  | 2019 |  |  | 2018 |
Expected tax expense |  | $ | 320,808 |  |  | $ | 196,428 |
State tax provision, net |  |  | 54,843 |  |  |  | 41,227 |
Permanent differences |  |  | 11,030 |  |  |  | 6,765 |
Minority interest |  |  | 75,785 |  |  |  | 30,924 |
Other, net |  |  | (2,466 | ) |  |  | 33,664 |
Total income tax expense |  | $ | 460,000 |  |  | $ | 309,008 |
The income tax effects of temporary differences that give rise to significant portions of deferred tax assets (liabilities) are as follows:
|  | December 31, |
|  | 2019 |  |  | 2018 |
Deferred tax assets (liabilities): |  |  |  |  |  |  |  |
Accruals, stock-based compensation and other |  | $ | 181,062 |  |  | $ | 162,430 |
Property and equipment |  |  | (14,654 | ) |  |  | (67,676 | )
Intangibles assets |  |  | 211,520 |  |  |  | 81,169 |
Net deferred tax assets |  |  | 377,928 |  |  |  | 175,923 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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