INCOME TAXES (Tables)

12 Months Ended

Sep. 30, 2021

INCOME TAXES

Schedule of components of income tax expense from operations

	2021		2020
Current: Federal	$	3,631,619	$	1,690,956
Current: State		1,144,728		468,842
		4,776,347		2,159,798
Deferred: Federal		(233,907)		(14,270)
Deferred: State		(41,440)		(2,528)
		(275,347)		(16,798)
Income tax expense	$	4,501,000	$	2,143,000

Schedule of difference between the income tax expense and that which would be calculated using the statutory income tax rate

	2021		2020
Tax at statutory rate	$	3,504,540	$	1,575,422
Nondeductible business expenses		232,684		230,571
State income taxes, net of federal tax benefit		867,567		376,262
Other		(103,791)		(39,255)
	$	4,501,000	$	2,143,000

Schedule of temporary differences between the financial statement carrying balances and tax basis of assets and liabilities giving rise to a net deferred tax asset (liabilities)

	2021		2020
Deferred tax assets:
Allowance for doubtful accounts	$	223,094	$	210,734
Accrued expenses		1,369,467		1,243,132
Inventory		362,466		365,417
Intangible assets		—		15,803
Other		114,206		—
Net operating loss carry forwards - federal		7,108		35,545
Net operating loss carry forwards - state		697,013		716,241
Total gross deferred tax assets		2,773,354		2,586,872
Less: Valuation allowance		(697,013)		(716,241)
Total net deferred tax assets		2,076,341		1,870,631
Deferred tax liabilities:
Trade discounts		356,901		318,070
Property and equipment		2,101,463		2,437,337
Goodwill		921,799		921,799
Other		187,164		—
Intangible assets		40,242		—
Total deferred tax liabilities		3,607,569		3,677,206
Total net deferred income tax liability	$	1,531,228	$	1,806,575