Income Taxes (Tables)

12 Months Ended

Mar. 27, 2022

Income Taxes

Effective Income Tax Rate Reconciliation

	2022		2021		2020
Statutory federal rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	0.7		3.4		1.8
Non-deductible expenses	(2.0)		(1.2)		(0.7)
Change in valuation allowance	5.2		(7.6)		(2.9)
Rate change for loss carrybacks	0.0		6.2		12.5
Other	(0.4)		(0.7)		0.7
Effective rate	24.5	%	21.1	%	32.4	%

Provision for Income Taxes

	2022		2021		2020
Federal:    Current	$	(1,229,200)	$	(4,263,700)	$	(4,008,000)
Deferred		126,500		(48,200)		(2,642,800)
State:        Current		38,500		16,700		(411,000)
Deferred		(7,100)		450,700		(413,000)
Benefit from income taxes	$	(1,071,300)	$	(3,844,500)	$	(7,474,800)

Deferred Tax Assets and Liabilities

	2022		2021
Deferred tax assets:
Deferred compensation	$	202,000	$	163,600
Accrued vacation		145,700		362,600
Deferred rent		2,100,400		2,638,100
Allowance for doubtful accounts		246,200		357,300
Inventory reserves		1,042,800		766,300
Sales tax reserves		127,600		104,500
Sales return assets		125,300		451,400
Net operating loss		1,969,800		518,500
Business interest limitation carryforward		555,300		383,800
Other assets		1,486,300		925,900
		8,001,400		6,672,000
Valuation allowance		(2,543,600)		(2,866,800)
Total deferred tax assets		5,457,800		3,805,200
Deferred tax liabilities:
Depreciation and amortization		(2,784,600)		(214,600)
Sales return liabilities		(90,000)		(224,100)
Lease right of use		(2,035,500)		(2,589,600)
Prepaid expenses and other liabilities		(693,300)		(803,400)
Total deferred tax liabilities		(5,603,400)		(3,831,700)
Net deferred tax (liability) assets	$	(145,600)	$	(26,500)