Frederick Freeweights (age 42) owns and operates a health club called “Treadmills West.” The business is located at 4321 Arnold Street, Alpine, CA 91901. Freddy had the following income and expenses from the health club:
Business Insurance 3,800
Office Supplies 3335
Payroll Taxes 9180
Equipment & maintenance 10666
cleaning service 8500
equipment rent 22820
special workout clothing and boxing gloves 750
subscription to biceps monthly magazine 120
educational seminar on weight training 775
other expenses 1830
The business uses the cash method of accounting and has no accounts receivable or inventory held for resale. Freddy has the following interest income for the year:
Bank savings: 12831
Bank bond: 10825
Freddy has been a widower for 10 years with a dependent song, Arnold, and he files his tax return as a head-of-household. Arnold is an 18 year old high school student; he does not qualify for the child credit. They live next door to the health club. Freddy does all of the administrative work for the health club out of an office in his home. The room is 150 sq ft out of the house total of 1800. Freddy pays 20,000 for rent and 4,000 in utilities.
Freddy made an estimated tax payment to the IRS of 1,000 on April 15, 2013.
Required: Complete Freddy’s federal tax return for 2010. Use Form 1040, Schedule B, Schedule C, Form 8829, and Schedule M. Use any other appropriate schedules to complete this tax return. Do not complete a Form 4562. Make realistic assumptions about any missing data.
Russell (age50) and Linda (age45) Long have brought you the following information regarding their income and expenses for the current year. Russell owns and operates a landscaping business called Lawns and Landscapes Unlimited. The business is operated out of their home, located at 1234 Katy Rd., TX 77493 Russell Long had the following income and expenses from the landscaping business:
Business Insurance 3,800
Office Supplies 2,600
Payroll Taxes 8,100
Meals and Entertainment 2,350
Contract Labor 7,290
Equipment Rent 12,300
Business Gifts ( no gift over $22) 770
Special clothing and safety shoes 600
Subscription to Green Lawns and magazine 120
Education seminar on bug control 350
Other Expenses 1,830
The business uses the cash method of accounting and has no accounts receivable or inventory held for resale.
In addition the above expenses, the Longs have set aside one room of their house as a home office. The room is 150 square feet and their house has a total of 1,500 square feet. They pay $12,000 per year rental on their house, and the utilities amount to $3,000 for the year
The Longs have two dependents children, Bill (Social Security number 123-23-7654) and Martha (Social Security 345-67-8654). Both Bill and Martha are full-time high school students, ages 17 and 18, respectively, so they do not qualify for the child credit. Russell social Security number is 664-98-5678 and Linda’s is 554-98-3946. They made an estimated tax payment to the IRS of $4,500 on April 15, 2013.
Required: Complete the Long’s federal tax return for 2013 Use Form 1040 Schedule b, Schedule C and form 8829 on pages 3-57 to 3-63 and any other appropriate schedules to complete this tax return. Do not complete from 4562 (depreciation) . Make a realistic assumptions about missing data.
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