|6 Months Ended|
Jun. 30, 2015
|Income Tax Disclosure [Abstract]|
NOTE – 9 INCOME TAXES
Milestone Scientific’s expected federal and state income tax liability and benefit computed at the statutory rate (40%) on the pre-tax income. For the six month ending June 30, 2015, state tax liability was approximately $13,000 respectively. Such expense was recognized in the accompanying consolidated financial statements as of June 30, 2015. Due to Milestone Scientific’s history of past operating losses, which required a full valuation allowances for all of Milestone Scientific’s deferred tax assets at June 30, 2015 and 2014, no recognition was given to the utilization of the remaining Federal net operating loss carryforwards.
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.
Reference 1: http://www.xbrl.org/2003/role/presentationRef