the Company’s income tax provision for the years ended December 31, 2014, 2013 and 2012 consists of the following (in  thousands): At December 31, 2014, the Company had net operating loss carryforwards for federal income tax purposes of approximately  $710,000, which are available to offset future taxable income and expire during the federal tax year ending December 31,  2019. the future benefit of the federal net operating loss carryforwards will be limited to approximately $300,000 per year in  accordance with section 382 of the Internal Revenue Code.  the approximate tax effects of temporary differences that give rise to significant portions of the deferred tax assets and  liabilities are as follows (in thousands): the amounts recorded as deferred tax assets as of December 31, 2014, and 2013, represent the amount of tax benefits of  existing deductible temporary differences or carryforwards that are more likely than not to be realized through the generation  of sufficient future taxable income within the carryforward period. the Company has total deferred tax assets of $1.8 million at  December 31, 2014, that it believes are more likely than not to be realized in the carryforward period. Management reviews the  recoverability of deferred tax assets during each reporting period. the actual tax provision for the years presented differs from the “expected” tax provision for those years, computed by applying  the U.s. federal corporate rate of 34.0% to income before income tax expense as follows: 27 (10) income taxes 2014 2013 2012 Current: Federal  $ 2,638  $ 4,353  $ 4,301  state  336  824  768 2,974  5,177  5,069 Deferred: Federal  1,262  641  699 state (30) 99 (89) 1,232  740  610 total income tax provision  $ 4,206  $ 5,917  $ 5,679 Years ended december 31 2014 2013 Current deferred tax assets: Reserves  $ 428  $ 383  Inventory capitalization  264  244  Compensation programs  139  204  Retirement liability  35  33  equity-based compensation  276  246 total current deferred tax assets:  $ 1,142  $ 1,110 Long-term deferred tax assets/(liabilities): excess of book over tax basis of fixed assets  $ (3,471)  $ (2,413)  Goodwill (848) (827) total long-term deferred tax liabilities  $ (4,319)  $ (3,240) net operating loss carryforwards  $ 242  $ 342  Deferred rent  36  46  Intangible assets  188   117  Compensation programs  265  411  total long-term deferred tax assets  731 916  net long-term deferred tax liabilities  $ (3,588)  $ (2,324) december 31 