v2.4.0.6
Income Taxes
 12 Months Ended
Dec. 31, 2012
Income Taxes [Abstract]  
Income Taxes

Note 5 - Income Taxes

 

For the years ended December 31, 2012 and 2011, the provision for income taxes consisted of the following:

 

    2012     2011  
    Current     Deferred     Current     Deferred  
                                 
Income tax expense   $ 2,131,000     $ 608,000     $ 2,181,000     $ 93,000  

  

The following table reconciles the Company's effective income tax rate on income before income taxes to the Federal statutory rate for the years ended December 31, 2012 and 2011:

 

    2012     2011  
Federal statutory rate     34.0 %     34.0 %
                 
State income taxes, net of federal benefit     4.6       4.5  
      38.6 %     38.5 %

 

Deferred taxes are comprised of the following at December 31, 2012 and 2011:

 

    December 31,     December 31,  
    2012     2011  
Deferred tax asset (liability)                
Reserves and allowances   $ 241,000     $ 241,000  
Fixed assets     (354,000 )     (199,000 )
Intangible assets     (333,000 )     -  
Other     (120,000 )     -  
                 
Total net deferred tax asset (liability)   $ (566,000 )   $ 42,000