Data Storage Corporation General form of registration statement for all companies including face-amount certificate companies

General form of registration statement for all companies including face-amount certificate companies

Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of components of deferred taxes

Deferred Tax Assets:

	2020			2019

Net operating loss carry-forward	$	1,313,000		$	1,419,000

Less: valuation allowance		(1,313,000	)		(1,419,000	)

Net deferred tax asset	$	—		$	—

Schedule of expected income tax expense (benefit)

The difference between the expected income tax expense (benefit) and the actual tax expense (benefit) computed by using the Federal statutory rate of 21% is as follows:

	Year Ended December 31,
	2020			2019
Expected income tax benefit (loss) at statutory rate of 21%	$	79,000		$	22,000
State and local tax benefit (loss), net of federal		27,000			7,500
		(106,000	)
Change in valuation account		(4,000	)		(29,500	)
Income tax expense (benefit)	$	—		$	—