(8) Income Taxes

9 Months Ended

Sep. 26, 2015

Income Tax Disclosure [Abstract]

(8) Income Taxes

(8)  Income Taxes

At December 27, 2014, the Company had approximately $750,000 of net operating loss carryforwards available to offset future income for U.S. Federal income tax purpose.

The Company has a current and non-current deferred tax asset aggregating $2,220,344 and $2,300,465 on the Company’s balance sheet at September 26, 2015 and December 27, 2014, respectively.  A valuation allowance is required to be established or maintained when it is "more likely than not" that all or a portion of deferred tax assets will not be realized. The Company believes that it will generate sufficient future taxable income to realize the tax benefits related to the remaining deferred tax assets and as such no valuation allowance has been provided against the deferred tax asset.

The Company recorded a tax expense of $5,000 and $100,520 for federal income taxes and a tax expense of $2,000 and $28,980 for state income taxes during the three and nine months ended September 26, 2015, respectively. The Company recorded a tax expense of $99,500 and $197,500 for federal income taxes and a tax expense of $27,500 and $55,500 for state income taxes during the three and nine months ended September 27, 2014, respectively.