Income Taxes

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020 are as follows:

	2021			2020
Federal – current	$	2,272,796		$	2,475,632
Federal – deferred		(31,032	)		65,745
State – current		66,016			71,147
State – deferred		(1,463	)		3,099
Total provision for income taxes	$	2,306,317		$	2,615,623

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

	2021		%			2020			%
Income Tax computed at statutory rate	$	2,249,160		21.0	%	$	2,568,784			21.0	%
State tax, net of federal benefit		48,480		0.4	%		67,569			0.5	%
Share based compensation		-		0.0	%		(2,302	)		(0.0	)%
Permanent adjustments		7,845		0.1	%		9,679			0.1	%
Tax credits and other		832		0.0	%		(28,107	)		(0.2	)%
Provision for income taxes	$	2,306,317		21.5	%	$	2,615,623			21.4	%

The Company’s deferred tax liability consisted of the following at December 31, 2021 and 2020:

	2021			2020
Deferred tax liability
Inventory	$	120,208		$	63,855
Trade accounts receivable allowances		139,059			71,678
Depreciation and amortization		(606,990	)		(515,751	)
Total net deferred tax liability	$	(347,723	)	$	(380,218	)