NOTE 6 – INCOME TAXES

12 Months Ended

Sep. 30, 2023

NOTE 6 – INCOME TAXES

As of September 30, 2023, the Company had net operating loss carry forwards of approximately $144,364 that may be available to reduce future years' taxable income in varying amounts through 2043.

As of September 30, 2022, the Company had net operating loss carry forwards of approximately $114,183 that may be available to reduce future years' taxable income in varying amounts through 2042.

Future tax benefits which arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.

The 21% tax rate provision for Federal income tax consists of the following:

	September 30, 2023			September 30, 2022
Federal income tax benefit attributable to:
Current operations	$	30,316		$	23,873
Less: change in valuation allowance		(30,316	)		(23,873	)
Net provision for Federal income taxes	$	—		$	—

The cumulative tax effect at the expected rate of 35% of significant items comprising our net deferred tax amount is as follows:

	September 30, 2023			September 30, 2022
Deferred tax asset attributable to:
Net operating loss carry over	$	50,527		$	39,789
Less: valuation allowance		(50,527	)		(39,789	)
Net deferred tax asset	$	—		$	—

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $144,364 for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur net operating loss carry forwards may be limited as to use in future years. The Company’s returns are open to examination by the Internal Revenue Services for all tax years since inception.

- 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Coretag Holdings, Inc. 10-K