Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

Note 9 – Income Taxes:

The components of the Company's provision for income taxes for the years ended December 31, 2019 and 2018 are as follows:

	2019		2018
Federal – current	$	921,954	$	636,046
Federal – deferred		29,628		120,760
State – current		43,025		28,530
State – deferred		1,397		5,694
Total provision for income taxes	$	996,004	$	791,030

The reconciliation of the provision for income taxes at the statutory rate to the reported provision for income taxes is as follows:

	2019			%			2018			%
Income Tax computed at statutory rate	$	943,891			21.0	%	$	753,119			21.0	%
State tax, net of federal benefit		33,954			0.8	%		22,468			0.6	%
Share based compensation		(1,149	)		(0.0	)%		(1,233	)		(0.0	)%
Permanent adjustments		11,911			0.3	%		14,040			0.4	%
Tax credits and other		7,397			0.1	%		2,636			0.1	%
Provision for income taxes	$	996,004			22.2	%	$	791,030			22.1	%

The Company's deferred tax liability consisted of the following at December 31, 2019 and 2018:

	2019			2018
Deferred tax liability
Inventory reserves	$	53,701		$	62,475
Trade accounts receivable allowances		35,541			37,645
Depreciation and amortization		(400,616	)		(380,469	)
Total net deferred tax liability	$	(311,374	)	$	(280,349	)