Income Taxes

12 Months Ended

Dec. 31, 2014

Income Taxes [Abstract]

Income taxes:

Note 8 – Income taxes:

The components of the Company’s consolidated provision for income taxes are as follows: 

	2014			2013
Federal – current	$	961,573		$	799,264
Federal – deferred		(37,242	)		(333	)
State – current		24,949			17,835
State – deferred		(406	)		(954	)
Total provision for income taxes	$	948,874		$	815,812

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

	2014			%			2013			%
Income Tax computed at statutory rate	$	1,013,133			34.0	%	$	765,367			34.0	%
State tax, net of federal benefit		16,300			0.5	%		12,344			0.5	%
Loss attributable to noncontrolling interest		5,831			0.2	%		8,746			0.4	%
Share based compensation		(738	)		0.0	%		85,109			3.7	%
Other, permanent adjustments		(79,733	)		-2.7	%		(59,247	)		-2.6	%
Tax credits and prior year tax adj.		(5,919	)		-0.2	%		3,493			0.2	%
Provision for income taxes	$	948,874			31.8	%	$	815,812			36.2	%

The Company’s deferred tax asset and liability accounts consisted of the following at December 31, 2014 and 2013:

	2014			2013
Deferred taxes – current
Reserves for bad debts, inventories, and other accruals	$	123,360		$	137,821
Total deferred tax asset current	$	123,360		$	137,821
Deferred taxes - non-current
Depreciation of property and equipment	$	(258,682	)	$	(310,791	)
Total deferred tax liability non-current	$	(258,682	)	$	(310,791	)