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INCOME TAXES (Tables) | 12 Months Ended
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Sep. 30, 2020
INCOME TAXES |
Schedule of components of income tax expense from operations |
|  | 2020 |  | 2019
Current: Federal |  | $ | 1,690,956 |  | $ | 1,139,927
Current: State |  |  | 468,842 |  |  | 428,501
|  |  | 2,159,798 |  |  | 1,568,428
Deferred: Federal |  |  | (14,270) |  |  | 34,466
Deferred: State |  |  | (2,528) |  |  | 6,106
|  |  | (16,798) |  |  | 40,572
Income tax expense |  | $ | 2,143,000 |  | $ | 1,609,000
Schedule of difference between the income tax expense and that which would be calculated using the statutory income tax rate |
|  | 2020 |  | 2019
Tax at statutory rate |  | $ | 1,575,422 |  | $ | 1,010,517
Nondeductible business expenses |  |  | 230,571 |  |  | 226,670
State income taxes, net of federal tax benefit |  |  | 376,262 |  |  | 332,931
Other |  |  | (39,255) |  |  | 38,882
|  | $ | 2,143,000 |  | $ | 1,609,000
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) |
|  | 2020 |  | 2019
Deferred tax assets: |  |  |  |  |  |
Allowance for doubtful accounts |  | $ | 210,734 |  | $ | 215,925
Accrued expenses |  |  | 1,243,132 |  |  | 796,542
Inventory |  |  | 365,417 |  |  | 452,192
Intangible assets |  |  | 15,803 |  |  | 71,849
Other |  |  | — |  |  | 23,237
Net operating loss carry forwards - federal |  |  | 35,545 |  |  | 63,983
Net operating loss carry forwards - state |  |  | 716,241 |  |  | 723,306
Total gross deferred tax assets |  |  | 2,586,872 |  |  | 2,347,034
Less: Valuation allowance |  |  | (716,241) |  |  | (723,306)
Total net deferred tax assets |  |  | 1,870,631 |  |  | 1,623,728
Deferred tax liabilities: |  |  |  |  |  |
Trade discounts |  |  | 318,070 |  |  | 375,172
Property and equipment |  |  | 2,437,337 |  |  | 2,150,130
Goodwill |  |  | 921,799 |  |  | 921,799
Total deferred tax liabilities |  |  | 3,677,206 |  |  | 3,447,101
Total net deferred income tax liability |  | $ | 1,806,575 |  | $ | 1,823,373

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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