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Note 13 - Income Tax | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Income Tax Disclosure [Text Block] | Note 13 – Income Tax The provision for income taxes is comprised of the following:
|  | December 31, |  |  | December 31, |
(in thousands) |  |  | 2024 |  |  |  | 2023 |
Current taxes |  |  |  |  |  |  |  |
Federal |  | $ | 1,418 |  |  | $ | 1,080 |
State |  |  | 551 |  |  |  | 614 |
Total current taxes |  |  | 1,969 |  |  |  | 1,694 |
Deferred taxes |  |  |  |  |  |  |  |
Federal |  |  | (1,479 | ) |  |  | (332 | )
State |  |  | (269 | ) |  |  | (17 | )
Total deferred taxes |  |  | (1,748 | ) |  |  | (349 | )
Provision for income taxes |  | $ | 221 |  |  | $ | 1,345 |
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred taxes are as follows:
|  | December 31, |  |  | December 31, |
(in thousands) |  |  | 2024 |  |  |  | 2023 |
Deferred tax assets |  |  |  |  |  |  |  |
Workers' compensation claims liability |  |  | 1,537 |  |  | $ | 1,578 |
Bad debt reserve |  |  | 86 |  |  |  | 49 |
Accrued vacation |  |  | 89 |  |  |  | 80 |
Impairment of notes receivable |  |  | 191 |  |  |  | 153 |
Stock based compensation |  |  | 346 |  |  |  | 92 |
Net operating loss carryforward |  |  | 48 |  |  |  | 92 |
Other |  |  | 38 |  |  |  | 40 |
Total deferred tax asset |  |  | 2,335 |  |  |  | 2,084 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | (214 | ) |  |  | (1,702 | )
Deferred gain on installment sale |  |  | (48 | ) |  |  | (57 | )
Total deferred tax liabilities |  |  | (262 | ) |  |  | (1,759 | )
Total deferred taxes, net |  | $ | 2,073 |  |  | $ | 325 |
At December 31, 2023, the Company has a federal net operating loss carry-forward of approximately $209 thousand that was utilized in 2024. Our effective tax rates were approximately 5.3% and 17.3% for 2024 and 2023, respectively. The items accounting for the difference between income taxes computed at the statutory federal income tax rate and the income taxes reported on the statements of income are as follows:
(in thousands except percentages) |  | December 31, 2024 |  | December 31, 2023
Income tax expense based on statutory rate |  | $ | 871 |  |  |  | 21.0 | % |  | $ | 1,634 |  |  |  | 21.0 | %
Non-deductible executive compensation |  |  | 55 |  |  |  | 1.3 | % |  |  | 142 |  |  |  | 1.8 | %
Stock based compensation |  |  | - |  |  |  | 0.0 | % |  |  | (77 | ) |  |  | (1.0 | )%
State income taxes expense net of federal taxes |  |  | 166 |  |  |  | 4.0 | % |  |  | 468 |  |  |  | 6.0 | %
WOTC |  |  | (884 | ) |  |  | (21.3 | )% |  |  | (925 | ) |  |  | (11.9 | )%
Other |  |  | 13 |  |  |  | 0.3 | % |  |  | 103 |  |  |  | 1.3 | %
Total taxes on income |  | $ | 221 |  |  |  | 5.3 | % |  | $ | 1,345 |  |  |  | 17.3 | %
U.S. federal income tax returns after 2021 remain open to examination. Generally, state income tax returns after 2020 remain open to examination. No income tax returns are currently under examination. As of December 31, 2024, and December 31, 2023, the Company does not have any unrecognized tax benefits, and continues to monitor its current and prior tax positions for any changes.

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