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INCOME TAXES | 12 Months Ended
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Sep. 30, 2022
INCOME TAXES |
INCOME TAXES | 8. INCOME TAXES: ​ The components of income tax expense from operations for fiscal 2022 and fiscal 2021 consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
Current: Federal | ​ | $ | 4,437,197 | ​ | $ | 3,631,619
Current: State | ​ |  | 1,238,823 | ​ |  | 1,144,728
​ | ​ |  | 5,676,020 | ​ |  | 4,776,347
Deferred: Federal | ​ |  | 677,357 | ​ |  | (233,907)
Deferred: State | ​ |  | 120,003 | ​ |  | (41,440)
​ | ​ |  | 797,360 | ​ |  | (275,347)
Income tax expense | ​ | $ | 6,473,380 | ​ | $ | 4,501,000
​ The difference between the Company’s income tax expense in the accompanying consolidated financial statements and that which would be calculated using the statutory income tax rate of 21% for both fiscal 2022 and fiscal 2021 on income before income taxes is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
Tax at statutory rate | ​ | $ | 4,509,855 | ​ | $ | 3,504,540
Nondeductible business expenses | ​ |  | 1,333,491 | ​ |  | 232,684
State income taxes, net of federal tax benefit | ​ |  | 1,072,735 | ​ |  | 867,567
Tax attributable to non-controlling interest | ​ | ​ | (298,305) | ​ | ​ | —
Other | ​ |  | (144,396) | ​ |  | (103,791)
​ | ​ | $ | 6,473,380 | ​ | $ | 4,501,000
​ ​ Temporary differences between the financial statement carrying balances and tax basis of assets and liabilities giving rise to net deferred tax assets (liabilities) at September 2022 and September 2021 relates to the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Allowance for doubtful accounts | ​ | $ | 281,927 | ​ | $ | 223,094
Accrued expenses | ​ |  | 1,090,219 | ​ |  | 1,369,467
Inventory | ​ |  | 414,239 | ​ |  | 362,466
Other | ​ |  | 163,399 | ​ |  | 114,206
Net operating loss carry forwards - federal | ​ |  | — | ​ |  | 7,108
Net operating loss carry forwards - state | ​ |  | 697,013 | ​ |  | 697,013
Total gross deferred tax assets | ​ |  | 2,646,797 | ​ |  | 2,773,354
Less: Valuation allowance | ​ |  | (697,013) | ​ |  | (697,013)
Total net deferred tax assets | ​ | ​ | 1,949,784 | ​ | ​ | 2,076,341
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Trade discounts | ​ | ​ | 418,660 | ​ | ​ | 356,901
Operating lease, right-of-use assets | ​ | ​ | 91,954 | ​ | ​ | —
Property and equipment | ​ |  | 2,337,447 | ​ |  | 2,101,463
Goodwill | ​ |  | 921,799 | ​ |  | 921,799
Other | ​ | ​ | 412,221 | ​ | ​ | 187,164
Intangible assets | ​ |  | 96,291 | ​ |  | 40,242
Total deferred tax liabilities | ​ | ​ | 4,278,372 | ​ | ​ | 3,607,569
Total net deferred income tax liability | ​ | $ | 2,328,588 | ​ | $ | 1,531,228
​ The Company had a valuation allowance of approximately $0.7 million at both September 2022 and September 2021, against certain state net operating losses, which more likely than not will not be utilized. The Company had no material unrecognized tax benefits, interest, or penalties during fiscal 2022 or fiscal 2021, and the Company does not anticipate any such items during the next twelve months. The Company’s policy is to record interest and penalties directly related to income taxes as income tax expense in the Consolidated Statements of Operations. The Company files income tax returns in the U.S. and various states and the tax years 2019 and forward remain open under U.S. and state statutes.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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