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10. INCOME TAXES

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

INCOME TAXES

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act made broad and complex changes to the U.S. tax code, which included reducing the U.S. federal corporate tax rate from 34 percent to 21 percent in tax years beginning after December 31, 2017.

The provision (benefit) for income taxes consists of:

		Year Ended December 31,
		2018				2017
Current tax expense:
Federal		$	292,951			$	520,984
State			175,055				192,515
			468,006				713,499
Deferred tax expense (benefit):
Federal			478,106				(227,632	)
State			134,894				(33,141	)
			613,000				(260,773	)
Total		$	1,081,006			$	452,726

The effective income tax rate differs from the federal statutory rate as follows:

		Year Ended December 31,
		2018				2017
Federal statutory rate			21.00	%			34.00	%
State taxes, net of federal benefit			5.93	%			4.95	%
Permanent differences			0.46	%			-1.69	%
Tax credits			0.00	%			0.00	%
Prior year adjustments			0.12	%			-2.16	%
Changes in tax rates and other			-0.07	%			-21.97	%
			27.44	%			13.13	%

Permanent differences for the periods consist primarily of changes in tax treatment of meals and entertainment as well as political contributions. Changes in tax rate are described above.

Net deferred tax assets and (liabilities) at December 31 consist of:

		2018				2017
Deferred gain on sale-leaseback			6,727				15,368
Other			48,263				35,469
Prepaids			(40,692	)			(27,909	)
Depreciation			(1,989,100	)			(1,487,036	)
Inventory			(225,425	)			(123,119	)
Net noncurrent deferred tax liability			(2,200,227	)			(1,587,227	)
Valuation allowance			-				-
Net deferred tax liability		$	(2,200,227	)		$	(1,587,227	)

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- References

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

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