INCOME TAX FUNDAMENTALS.

INCOME TAX FUNDAMENTALS.
Christopher Crosphit (age 42) owns and operates a health club called “Catawba Fitness”. The business is located at 4321 New Cut Road, Spartanburg, SC 29303. The principal business code is 81290. Chris had the following income and expenses i the healthclub: Income 213,800 Expenses: business insurance 3775 office supplies 3335 payroll 98900 payroll taxes 9210 travel 2420 equipment maintenance 10666 cleaning service 8775 equipment rent 22,820 telephone 2780 utilities 13975 rent 29800 advertising 5150 special workout clothing 780 subscription to biceps magazine 120 educational seminar 875 other expenses 1830 the business uses the cash method of accounting and has no account receivable or inventory for sale. Chis has the following interest income for the year: Upper Piedmont Saving bank saving account 12,831 Morgan Bank bond portafolio interest 11025 Chris has been widower for ten years with a dependent son , Arnold (social security 276-23-3954) and he files his tax return as head household . Arnold is an 18-year old high school student, he does not qualify for child tax credit.They live next door to the health club at 4323 New Cut Road. Chris does all the administration work for the health club out of an office in his home. the room is 153 square feet and the house has a total of 1800 square feet. Chris pays $20,000 per year in rent and $4000 in utilities. Chris social security number is 565-12-6789. He made an estimated tax payment to the IRS of $1000.00 on April 15,2016 Required; complete Chri’s federal tax return. Use form 1040, Schedule B, Schedule C and form 8829.Do not complete Form 4562

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