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INCOME TAXES | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Tax Disclosure [Text Block] | 9 - INCOME TAXES Income tax provision is summarized as follows:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |  |  |
Federal |  | $ | 339,000 |  |  | $ | 563,000 |
State |  |  | 62,000 |  |  |  | 96,000 |
|  |  | 401,000 |  |  |  | 659,000 |
Deferred: |  |  |  |  |  |  |  |
Federal |  |  | 12,000 |  |  |  | (89,000 | )
State |  |  | (1,000 | ) |  |  | (37,000 | )
Decrease in valuation allowance |  |  | - |  |  |  | (1,915,000 | )
|  |  | 11,000 |  |  |  | (2,041,000 | )
Income tax (benefit) provision |  | $ | 412,000 |  |  | $ | (1,382,000 | )
The actual income tax provision differs from the “expected” tax computed by applying the Federal corporate tax rate of 21% to the income before income taxes as follows:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
“Expected” income tax benefit |  | $ | 474,000 |  |  | $ | 389,000 |
State tax expense, net of Federal benefit |  |  | 49,000 |  |  |  | 99,000 |
Decrease in valuation allowance |  |  | - |  |  |  | (1,915,000 | )
Other |  |  | (111,000 | ) |  |  | 45,000 |
Income tax provision |  | $ | 412,000 |  |  | $ | (1,382,000 | )
The tax effects of temporary differences which give rise to significant portions of the deferred taxes are summarized as follows:
|  | December 31, |
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |  |  |
Inventory reserves |  | $ | 1,534,000 |  |  | $ | 1,513,000 |
Allowances for bad debts and returns |  |  | 2,000 |  |  |  | 2,000 |
Accrued expenses |  |  | 26,000 |  |  |  | 23,000 |
Asset valuation reserve |  |  | 539,000 |  |  |  | 539,000 |
Other |  |  | 79,000 |  |  |  | 107,000 |
Total deferred tax assets |  |  | 2,180,000 |  |  |  | 2,184,000 |
Valuation allowance |  |  | - |  |  |  | - |
|  |  | 2,180,000 |  |  |  | 2,184,000 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Deferred state taxes |  |  | (137,000 | ) |  |  | (137,000 | )
Total deferred tax liabilities |  |  | (137,000 | ) |  |  | (137,000 | )
Net deferred tax assets |  | $ | 2,043,000 |  |  | $ | 2,047,000 |
As of December 31, 2023, we have $0 in net operating loss carryforwards for federal and state income tax purposes. In assessing the realizability of the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. We consider the scheduled reversal of deferred tax assets, the level of historical taxable income and tax planning strategies in making the assessment of the realizability of deferred tax assets. We have identified the U.S. federal and California as our "major" tax jurisdiction. With limited exceptions, we remain subject to IRS examination of our income tax returns filed within the last three (3) years, and to California Franchise Tax Board examination of our income tax returns filed within the last four (4) years.

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