Ontario Works Policy Directives

Size: px
Start display at page:

Download "Ontario Works Policy Directives"

Transcription

1 Ontario Works Policy Directives 5.11 Farm Income Legislative Authority Section 7(3) of the Act. Sections 39(1), 48 and 54(1)1 and 54(1)6 of Regulation 134/98. Audit Requirements Random file reviews are completed to ensure that: a current Canada Revenue Agency Statement of Farming Activities form (T2042) or other suitable document is on file to determine income; monthly verification of the farm revenues and expenses are reviewed and on file; documentation is present to show that a participant is not eligible as a selfemployed farm operator for a period greater than sixty weeks unless an extension has been approved and is documented; and follow-ups have taken place and are documented. Application of Policy Farming can be an approved employment assistance activity if it is determined to be a viable means of employment. A distinction is made between people who have an interest in the operation of a farm as a business and those who are considered to be employees. Operating a farm as a business is considered a form of self-employment if the farm operation has been determined to be a viable means of employment. Applicants or recipients who have an interest in the operation of a farm as a business obtain their income from farming activities such as, but not limited to: dairy farming; fruit and/or vegetable growing; soil tilling; raising or exhibiting livestock; maintaining horses for racing; raising poultry; fur farming; and bee keeping. Income generated from these activities is considered farm income and approved farm expenses are deducted when determining eligibility for assistance. Farm employees receive wages or salaries from a farmer. These earnings are considered employment income and as such, farm expenses cannot be deducted Page 1 of 8

2 from this income. Both farm employees and those with income from operating a farm may be eligible for earnings exemptions (see Directive 5.3: Earnings Exemptions for more information). Farm income is calculated by taking the amount of gross farm income and subtracting approved farm expenses, to get the net farm income. Earnings exemptions may then be applied to the net farm income. The net farm income is used when determining eligibility for assistance, and when applying any earnings exemptions. Any meat or produce grown for the applicant or recipient's own consumption is not considered when determining net income. To determine net farm income, the worker totals the amount of income reported in the completed Business Income and Expenses Report or the Canada Revenue Agency Statement of Farming Activities form (T2042) and subtracts the approved expenses to determine the net farm income. Farm income is considered as income in the month received. Farm income cannot be averaged over a period of time. Applicants or recipients engaged in the operation of a farm are required to submit monthly verification of farm revenues and expenses as well as other available income (e.g., rental income). Recipients operating a farm as a business are required to follow record keeping standards as set out in the Self-Employment Guidelines. The Canada Revenue Agency Statement of Farming Activities form (T2042) completed by most farmers can also be reviewed when determining income. As a requirement for eligibility, an applicant or recipient is required to access all available sources of income to which they may be eligible. Taking into account the length of time a recipient has been in receipt of social assistance, the feasibility of renting out uncultivated farmland should be considered. Where farmland is rented out, any income earned should be included in the farmer's net farm income. Any money received from grants or subsidies from the Ministry of Agriculture, Food and Rural Affairs is considered as income. A recipient may not remain eligible as a self-employed farm operator for a period greater than sixty weeks unless an extension is approved. The viability of the farm should be reconsidered when determining approval for a twelve-week extension to the sixty-week time limit. Page 2 of 8

3 Approved Farm Expenses Approved farm expenses can vary for each farm operation. When determining approved expenses necessary for the operation of the farm, the following criteria should be met: the expense maintains or increases the likelihood of earning income from the farm; and the item or service is purchased on a "best buy" basis (i.e. the cost is not unusually high or inflated). Administrators in First Nations and northern communities have the discretion to exercise flexibility when approving employment activities and/or expenses based on cultural and geographic considerations in order to support employment outcomes for clients. If the item or service is not expected to earn or increase farm income, then it is not an approved expense. Approved farm expenses include the following: Advertising Costs of flyers, brochures, business cards and any other costs directly linked to advertising. Bank Charges on Farm Accounts Costs of certifying cheques and other bank service fees (not including bank charges related to "not sufficient funds" (NSF) cheques. Book-keeping, Legal Fees and Office Supplies Book-keeping fees, legal fees and office supplies necessary for the operation of the farm Canada Pension Plan (CPP) Contributions made to the Canada Pension Plan. Custom and Contract Work Costs associated with utilizing the services of additional persons to assist in harvesting the crop, or a skilled person or specialized equipment operator (e.g., a custom combine operator) to complete work. The recipient may hire the individual, who is not a member of the benefit unit, for a specific skill and specific job only. Page 3 of 8

4 The recipient is required to show documentation to indicate the amount the contractor is paid and how they will be paid (e.g., certain amount of money up front, balance upon completion of the job that they are hired for) and the completion date. This procedure should be followed each time custom or contract work is required to complete farm activities. The contracting of these services should occur infrequently and should involve on-going contractual agreements. Delivery, Freight or Express Costs to Deliver or Receive Goods Expenses for delivery, freight or express costs to deliver or receive goods include the costs incurred to ship items for sale, or the costs of handling of goods used to generate income for the farm. Employment Insurance Costs associated with contributing to Employment Insurance special benefits (i.e. maternity benefits, paternity benefits, sickness benefits, and compassionate care benefits) are considered an allowable expense. This includes contributions that are made voluntarily, as well as those that are required by the federal government. Equipment Costs of items rented or leased for the farm operation (e.g., machinery) on a monthly rental basis. Farm Insurance Cost of insurance for fire, theft, liability, buildings, and crops and livestock. If the farm is located on the applicant or recipient's principal residence, only the difference between home and farm insurance is deductible. Farm Supplies Costs of supplies purchased for use in the operation of the farm including, but not limited to: containers, twine and bailing wire; feed, supplements, straw and bedding; fertilizers and lime; livestock (e.g., cattle, horses, poultry, sheep and lambs, and swine); fungicides, herbicides, insecticides, pesticides; seeds and plants; and veterinary fees, medicine and breeding fees. In-kind or Bartered Items Costs associated with transactions involving in-kind exchange, barter or exchange of goods or services (where no money is exchanged). A cash value should be established and included as farm income and a corresponding farm expense can be assessed against the bartered, in-kind item. Page 4 of 8

5 Licenses or Required Fees for Membership In Trade Costs of vendor licenses, building permits and memberships in trade or commercial associations. Club memberships for personal or recreational use are not an approved expense. Maintenance of Land Costs incurred for clearing, levelling or improving land, provided the land is being cultivated or will be cultivated as a result of the improvement. Costs incurred for a land drainage system, including tile drainage, may also be considered farm expenses. Verification of the necessity should be made prior to approving the expense. Municipal Property Taxes Costs of taxes incurred from carrying out the farm operation on premises other than the recipient's principal residence. Only the farm portion of municipal property taxes is considered an expense where the recipient who is farming also resides on the farm. Rent and Mortgage Costs for Farm Premises Costs for farm premises include the costs of rent and mortgage (principal and interest) costs on the farm property. No portion of residential costs may be deducted from farm earnings. Repair and Maintenance to Equipment Repair and maintenance to equipment expenses are the costs of any maintenance or repairs required to the farm and/or farm equipment (e.g., machinery, fence repairs, building repairs, etc.). The necessity for the repair, including existing repairs that are required, should be reviewed before considering the expense as approved. Telephone Expenses Costs for a business line to support the operation of the farm. Costs associated with a residential line are not considered farm expenses. The costs of certain business-like telephone features (e.g., call answer, call display, etc.) on a residential line may be deducted as a business expense. Other expenses such as answering machines, pagers, a fax line, and/or an internet connection may also be considered as a farm expense if they are considered vital to the farming operation. Page 5 of 8

6 Utility Expenses Costs of heating, water and electricity required for the farm where it is operating separate from the principal residence. Utility expenses may be deducted only to the extent they were incurred to operate the farm Personal Vehicles Expenses for personal vehicles are the travel costs (mileage) necessary to operate the farm and generate income. Where use of a personal vehicle is necessary, a record of travel (i.e., a travel log) should be maintained by the participant. For passenger cars, light trucks and vans, mileage reimbursement is based on local reimbursement rates. Expenses incurred travelling from home to the place of the farm operation are not deductible. No additional vehicle expenses (e.g., parking, repairs, depreciation, etc.) are approved when personal vehicles are used. Expenses for travel costs are presumed to cover the farm-related portions of fuel, vehicle maintenance and insurance. Farm Vehicles Vehicles necessary for the operation of the farm and used exclusively on the farm (e.g., tractor, combine, etc.), are considered tools of the trade and are exempt assets. Farm vehicles should be owned or leased and operated by the person who is the self-employed farmer. The self-employed farmer is required to make a declaration confirming the vehicle's use. If these conditions are not met, then the personal vehicle policy applies. When the vehicle is used exclusively for the farm, approved costs include: current and necessary maintenance and repairs; fuel costs including gasoline, diesel and oil; insurance; leasing or loan repayments; and licence and registration fees. The kilometre rates used for personal vehicles do not apply to farm vehicles. The self-employed participant is expected to maintain a travel log confirming the vehicle's use. The participant should be asked to submit a statement confirming the vehicle's odometer reading. This information may be crossed-referenced with the distance travelled as recorded in the travel log. Unapproved Farm Expenses Page 6 of 8

7 Unapproved farm expenses may be incurred by the farm operator, but are not approved as farm expenses for the purposes of determining net farm income. Depreciation Depreciation on farm assets and vehicles is not an approved expense for the purpose of determining net farm income. Asset purchases and sales are reported and treated on a cash basis. Therefore, the cost of an asset is recognized when it is first incurred. Entertainment and Gifts Expenditures on entertainment (e.g., meals) and gifts are not approved expenses. Farm losses are not approved expenses. A farm will often lose money in a given calendar month especially in the early stages of operation. In this case the farm income is recorded as $0. Losses may not be carried forward to offset earnings in future periods. Personal Draws and Owner's Withdrawals A personal draw or withdrawal by the farm owner is not an approved farm expense and should be included as earned income to the farm owner. Wages Paid to Members of the Benefit Unit Wages paid to employees of the farm who are a part of the benefit unit, including the recipient, and/or dependent children, are not approved expenses. Related payroll expenses (e.g., income tax, EI, CPP, Workplace Safety and Insurance Benefits, etc.) for any member of the benefit unit that is an employee of the farm are also not approved expenses. The participant may deem this expense as necessary, however, it is considered as earned income. Treatment of Assets Tools of the Trade Exemption Machinery, equipment and other items required to generate income from a farming operation are considered "tools of the trade" and therefore exempt as assets. Page 7 of 8

8 Closing the Farm If an applicant or participant states they are closing the farm, the assets directly related to the farm such as inventory, farm equipment, and items not considered tools of the trade should be liquidated. Closing the farm or turning the farm over to a third party would not necessarily mean ongoing eligibility for assistance. Any income received from the liquidation of farm assets is considered as income. If an applicant or participant states they are closing the farm, a grace period of six months shall be given to arrange the liquidation of the assets. When determining an applicant or participant's financial need, the assets directly relating to the farm such as tools, farm equipment or office supplies are considered as exempt for a six month period. Page 8 of 8

Farm Tax Record Book SAMPLE

Farm Tax Record Book SAMPLE Farm Tax Record Book TABLE OF CONTENTS Farm Receipts... Milk Sales and Deductions Worksheet... Government Payments Worksheet... Commodity Certificates... Sale of Livestock Worksheet... Farm Expenses...0

More information

Instruction Sheet for Recordkeeping Template: Monthly Operational Expenses for Farm

Instruction Sheet for Recordkeeping Template: Monthly Operational Expenses for Farm Instruction Sheet for Recordkeeping Template: The intent of this table is to provide a place for recording farm expenses that you incurred and paid in the tax year. Generally, farmers can deduct the current

More information

Ontario Disability Support Program - Income Support Directives

Ontario Disability Support Program - Income Support Directives Ontario Disability Support Program - Income Support Directives 5.4 Treatment of Self-Employment Income Summary of Policy An applicant or recipient who earns income from a business may be eligible for income

More information

Line 1b. In 2011, he sold steers he had bought for resale. He enters sales of $13,596. This amount is also written on the total line 1c.

Line 1b. In 2011, he sold steers he had bought for resale. He enters sales of $13,596. This amount is also written on the total line 1c. Schedule F (Form 1040), Profit or Loss From Farming Note. Schedule F has numerous changes for 2011. In addition, there are a number of lines that the IRS has decided not to use in 2011, but appear on the

More information

Tax Return Questionnaire - 2013 Tax Year

Tax Return Questionnaire - 2013 Tax Year Print this form out, take some time to fill it out, and bring it with you when you come to the office. This will save you time and money, and help us help you more effectively. Tax Return Questionnaire

More information

3. If you received any interest from a "Seller Financed" mortgage, provide: Name and Address of Payer Social Security Number Amount

3. If you received any interest from a Seller Financed mortgage, provide: Name and Address of Payer Social Security Number Amount Print this form out, take some time to fill it out, and bring it with you when you come to the office. This will save you time and money, and help us help you more effectively. Tax Return Questionnaire

More information

STATISTICAL PROFILE OF CAPE BRETON. Prepared By: Nova Scotia Federation of Agriculture

STATISTICAL PROFILE OF CAPE BRETON. Prepared By: Nova Scotia Federation of Agriculture STATISTICAL PROFILE OF CAPE BRETON Prepared By: Nova Scotia Federation of Agriculture 1.0 Introduction Agriculture in the Local Economy Agriculture in Cape Breton is characterized by a diversity of farm

More information

Statistical Profile of Lunenburg County

Statistical Profile of Lunenburg County Statistical Profile of Lunenburg County Prepared by the Nova Scotia Federation of Agriculture 1 Contents 1.0 Introduction... 2 Agriculture in the Local Economy... 2 2.0 Population and Population Change...

More information

Farm Financial Management

Farm Financial Management Farm Financial Management Your Farm Income Statement How much did your farm business earn last year? There are many ways to answer this question. A farm income statement (sometimes called a profit and

More information

CORPORATE ACCRUAL TO TAX CONVERSION WORKSHEET

CORPORATE ACCRUAL TO TAX CONVERSION WORKSHEET CORPORATE ACCRUAL TO TAX CONVERSION WORKSHEET Taxable entities who have filed tax returns with Canada Revenue Agency (CRA) on a cash basis and have their financial statements prepared on an accrual basis

More information

To get started you will need a box of file folders or a box of 8 ½ x 11 envelopes.

To get started you will need a box of file folders or a box of 8 ½ x 11 envelopes. Proprietorships, Partnerships, and Small Corporations Getting Organized - The Basics What your Accountant (and Canada Revenue Agency) would like to see. Keeping track of your day to day business operations

More information

How much did your farm business earn last year?

How much did your farm business earn last year? Your Farm Ag Decision Maker Income Statement File C3-25 How much did your farm business earn last year? Was it profitabile? There are many ways to answer these questions. A farm income statement (sometimes

More information

Suggestions for Setting up Expense and Revenue Accounts in Quick Books Pro for Cow- Calf and Retained Ownership Ranches

Suggestions for Setting up Expense and Revenue Accounts in Quick Books Pro for Cow- Calf and Retained Ownership Ranches Suggestions for Setting up Expense and Revenue Accounts in Quick Books Pro for Cow- Calf and Retained Ownership Ranches The business accounting system first must provide the data for compliance reporting

More information

Suggestions for Setting up Expense and Revenue Accounts in Quick Books Pro for Cow- Calf and Retained Ownership Ranches

Suggestions for Setting up Expense and Revenue Accounts in Quick Books Pro for Cow- Calf and Retained Ownership Ranches Suggestions for Setting up Expense and Revenue Accounts in Quick Books Pro for Cow- Calf and Retained Ownership Ranches The business accounting system first must provide the data for compliance reporting

More information

1420 n. CLAREMONT BLVD., SUITE 101-B TEL (909) 398-4737 CLAREMONT, CALIFORNIA 91711 FAX (909) 398-4733

1420 n. CLAREMONT BLVD., SUITE 101-B TEL (909) 398-4737 CLAREMONT, CALIFORNIA 91711 FAX (909) 398-4733 1420 n. CLAREMONT BLVD., SUITE 101-B TEL (909) 398-4737 CLAREMONT, CALIFORNIA 91711 FAX (909) 398-4733 www.nicholscpas.com Email: info@nicholscpas.com January 12, 2015 RE: 2014 Tax Returns It is hard to

More information

Tax Return Questionnaire - 2014 Tax Year

Tax Return Questionnaire - 2014 Tax Year Print this form out, take some time to fill it out, and bring it with you when you come to the office. This will save you time and money, and help us help you more effectively. Tax Return Questionnaire

More information

Agriculture & Business Management Notes...

Agriculture & Business Management Notes... Agriculture & Business Management Notes... SPA Standardized Performance Analysis For Sheep Producers -- A Worksheet Approach -- Sheep producers have been challenged to be lower cost producers, to become

More information

Account. Account Name. Explanation. Type. QuickBooks Sample Small Farm Chart of Accounts. Main Farm Checking

Account. Account Name. Explanation. Type. QuickBooks Sample Small Farm Chart of Accounts. Main Farm Checking QuickBooks Sample Small Farm Chart of s Name Main Farm Checking Petty Cash Farm Savings s Receivable BANK BANK BANK NOT your personal checking account. Yes, you must have a separate business checking account.

More information

FULLER LANDAU LLP. Tax Return Questionnaire - 2014 Tax Year. Name and Address: Social Security Occupation Number:

FULLER LANDAU LLP. Tax Return Questionnaire - 2014 Tax Year. Name and Address: Social Security Occupation Number: FULLER LANDAU LLP Print this form out, take some time to fill it out, and bring it with you when you come to the office. This will save you time and money, and help us help you more effectively. Tax Return

More information

SELF-EMPLOYED HOUSEHOLDS Section 104 Page 1

SELF-EMPLOYED HOUSEHOLDS Section 104 Page 1 SELF-EMPLOYED HOUSEHOLDS Section 104 Page 1 104.1 Purpose This section describes the special policies that apply to households that have self-employment income. 104.2 General Information All the policies

More information

Setting up your Chart of Accounts

Setting up your Chart of Accounts FARM FUNDS WORKSHEETS Setting up your Chart of Accounts Supplies Supplies are any inputs that will be used on a field, group of livestock, or equipment. Setting up a supply will set up the related expense

More information

Farm Financial Statements Net Worth Statement Statement of Cash Flows Net Income Statement Statement of Owner Equity

Farm Financial Statements Net Worth Statement Statement of Cash Flows Net Income Statement Statement of Owner Equity Farm Financial Statements Net Worth Statement Statement of Cash Flows Net Income Statement Statement of Owner Equity Recording Transactions in the Date Cash Journal Description Value Amount (bu., lb.,

More information

Basics of accounting Documentation basics Choosing an accounting system Common tax issues Get an advisor!!!

Basics of accounting Documentation basics Choosing an accounting system Common tax issues Get an advisor!!! Basics of accounting Documentation basics Choosing an accounting system Common tax issues Get an advisor!!! Money TRANSACTIONS CHART OF ACCTS GENERAL LEDGER BALANCE SHEET INCOME STATEMENT FINANCIAL STATEMENTS

More information

As a guide, the following are examples of some of the expenses we can allow:

As a guide, the following are examples of some of the expenses we can allow: How do I know if I m self-employed? A person is self-employed if they are gainfully employed but are not under a contract of service with an employer. You may be a sole trader or in a business partnership.

More information

Housing Benefit and Council Tax Support Self-employed Income Form

Housing Benefit and Council Tax Support Self-employed Income Form Housing Benefit and Council Tax Support Self-employed Income Form If you want to claim Housing Benefit or Council Tax Support, fill in and return this form to tell us about any self-employment. Please

More information

Cash Flow Projection for Operating Loan Determination

Cash Flow Projection for Operating Loan Determination E-19 RM-7.0 02-09 Risk Management Cash Flow Projection for Operating Loan Determination Danny Klinefelter and Dean McCorkle* A cash flow statement can be simply described as a record of the dollars coming

More information

PST-5 Issued: June 1984 Revised: August 2015 GENERAL INFORMATION

PST-5 Issued: June 1984 Revised: August 2015 GENERAL INFORMATION Information Bulletin PST-5 Issued: June 1984 Revised: August 2015 Was this bulletin useful? THE PROVINCIAL SALES TAX ACT GENERAL INFORMATION Click here to complete our short READER SURVEY This bulletin

More information

DEDUCTING EXPENSES AS AN EMPLOYEE

DEDUCTING EXPENSES AS AN EMPLOYEE DEDUCTING EXPENSES AS AN EMPLOYEE Employees are very limited in the expenses that they can deduct in calculating the tax they owe to the Canada Revenue Agency ( CRA ). Self-employed individuals have much

More information

March 19, 2015 HCFA 1

March 19, 2015 HCFA 1 ABD EARNED INCOME Legal Authority: Social Security Act, Sections 1611 and 1612; 20 CFR 416.1100 1. Policy Statement Earned income is compensation an individual receives for the performance of services

More information

Schedule C Worksheet for Self-Employed Filers and Contractors tax year 2013. Part 1: Business Income and Expenses

Schedule C Worksheet for Self-Employed Filers and Contractors tax year 2013. Part 1: Business Income and Expenses Schedule C Worksheet for Self-Employed Filers and Contractors tax year 2013 This document will list and explain the information and documentation that we will need in order to file a tax return for a self-employed

More information

The financial position and performance of a farm

The financial position and performance of a farm Farm Financial Ag Decision Maker Statements File C3-56 The financial position and performance of a farm business can be summarized by four important financial statements. The relationship of these statements

More information

Module 5: Preparing Cash Flow Statements

Module 5: Preparing Cash Flow Statements COMPREHENSIVE GUIDE TO FARM FINANCIAL MANAGEMENT Module 5: Preparing Cash Flow Statements www.saskatchewan.ca/agriculture Course Map 5-1 Preparing Cash Flow Statements Introduction Cash Flow Statements

More information

Check One: Single Married Filing Joint Surviving Widow/Widower Married Filing Separately (enter spouse s name/ss No. Above) Dependents Name

Check One: Single Married Filing Joint Surviving Widow/Widower Married Filing Separately (enter spouse s name/ss No. Above) Dependents Name Felix Guillot, EA, ABA, ATA Kendyl Guillot, ABA E-Tax, LLC 318-445-5564 etaxla.com tax@etaxla.com Tax Organizer Tax Year 2014 Name: Taxpayer SS No. Birthdate/ Spouse SS No. Birthdate/ Address: Telephone

More information

AGRICULTURAL LOAN APPLICATION

AGRICULTURAL LOAN APPLICATION AGRICULTURAL LOAN APPLICATION REQUESTED LOAN AMOUNT PURPOSE APPLICANT TYPE INDIVIDUAL JOINT CORPORATION PARTNERSHIP OTHER REQUESTED LOAN TYPE OPERATING LINE OF CREDIT TERM EQUIPMENT REAL ESTATE INDIVIDUAL

More information

Promoting Innovation in Maryland Agricultural and Resource-Based Business

Promoting Innovation in Maryland Agricultural and Resource-Based Business Promoting Innovation in Maryland Agricultural and Resource-Based Business Application for the Rural Business Working Capital Loan Fund Program Description The Rural Business Working Capital Loan Fund has

More information

Cash to Accrual Income Approximation

Cash to Accrual Income Approximation Cash to Accrual Income Approximation With this program, the user can estimate accrual income using the Schedule F from his/her federal income tax return. Fast Tools & Resources Farmers typically report

More information

Small Business Income Tax

Small Business Income Tax Small Business Income Tax Forms of Business & how their taxes are paid. Keeping Records Legal requirements. Bringing Assets into a business. Fair market value. Earnings Fiscal period Income Expenses What

More information

TAX MANAGEMENT TIPS FOR FARMERS L.R. Borton Michigan State University End-of-Year Tax Planning

TAX MANAGEMENT TIPS FOR FARMERS L.R. Borton Michigan State University End-of-Year Tax Planning TAX MANAGEMENT TIPS FOR FARMERS L.R. Borton Michigan State University 2012 - End-of-Year Tax Planning 1. The basic management guideline is to avoid wide fluctuations in taxable income because a relatively

More information

Financial Plan. A) Estimated One-Time Financial Requirements. Part One

Financial Plan. A) Estimated One-Time Financial Requirements. Part One Financial Plan The Financial Plan is perhaps one of the most important components of your Business Plan (see Business Plan Handout). Not only is it essential if you are seeking external financing it is

More information

The Farm Record Book. Table of Contents

The Farm Record Book. Table of Contents The Farm Record Book This Farm Record Book is designed to provide a farmer with an organized system for recording expenses, income, land use and treatment, social security and income tax information. Inventory

More information

Florida Foundation Seed Producers, Inc.

Florida Foundation Seed Producers, Inc. Florida Foundation Seed Producers, Inc. Financial Statements and Independent Auditors Reports CONTENTS Independent Auditors Report 1 Financial Statements: Statements of Cash Flows 2 Statements of Financial

More information

AGRICULTURE FINANCIAL STATEMENT Borrower # AND LOAN APPLICATION Telephone #

AGRICULTURE FINANCIAL STATEMENT Borrower # AND LOAN APPLICATION Telephone # AGRICULTURE FINANCIAL STATEMENT Borrower # AND LOAN APPLICATION Telephone # For the purpose of obtaining credit from Ramsey National Bank (RNB) and any future credit granted by the RNB, or to support an

More information

Chapter Three Taxability of Agriculture-Related Items

Chapter Three Taxability of Agriculture-Related Items GR-41. RAW FARM PRODUCTS GROWN IN ARKANSAS Gross receipts derived from sales of raw products including Christmas trees, produced or grown at a farm, orchard, or garden in Arkansas are exempt from tax.

More information

TAX ACCOUNTING AUDITING PLANNING

TAX ACCOUNTING AUDITING PLANNING Blue Bear Tax Solutions TAX ACCOUNTING AUDITING PLANNING Tax Planning Guide for 2015 1 Please take some time to fill out this form, and bring it with you when you come to the office.* This will save you

More information

Developing a Cash Flow Plan

Developing a Cash Flow Plan Oklahoma Cooperative Extension Service AGEC-751 Developing a Cash Flow Plan Damona Doye Regents Professor and Extension Economist Brent Ladd Extension Assistant Oklahoma Cooperative Extension Fact Sheets

More information

Small Business Startup Guide

Small Business Startup Guide Small Business Startup Guide By Carol Topp, CPA CarolToppCPA@zoomtown.com 10288 Amberwood Ct Cincinnati, OH 45241 (513)777-8342 This short guide is intended to help an individual start his or her own business.

More information

Account Numbering. By separating each account by several numbers, many new accounts can be added between any two while maintaining the logical order.

Account Numbering. By separating each account by several numbers, many new accounts can be added between any two while maintaining the logical order. Chart of Accounts The chart of accounts is a listing of all the accounts in the general ledger, each account accompanied by a reference number. To set up a chart of accounts, one first needs to define

More information

CUSTOMER ACCOUNTS SELF EMPLOYED EARNINGS INFORMATION

CUSTOMER ACCOUNTS SELF EMPLOYED EARNINGS INFORMATION CUSTOMER ACCOUNTS SELF EMPLOYED EARNINGS INFORMATION Housing Benefit and Council Tax Benefit Central Bedfordshire Council Watling House High Street North Dunstable Bedfordshire LU6 1LF Please complete

More information

Self-Employed Earnings Information Form

Self-Employed Earnings Information Form 1 Claim reference number Self-Employed Earnings Information Form Please fill in this form if you or your partner is self-employed. If you are both self-employed in different businesses you should each

More information

[ 16-310] DEDUCTIBLE MOTOR VEHICLE EXPENSES

[ 16-310] DEDUCTIBLE MOTOR VEHICLE EXPENSES Premium Master Tax Guide 1 [ 16-310] DEDUCTIBLE MOTOR VEHICLE EXPENSES Motor vehicle expenses incurred in the course of deriving assessable income or in carrying on business are allowable deductions (ITAA97

More information

BUSINESS TOOLS. Preparing Agricultural Financial Statements. How do financial statements prove useful?

BUSINESS TOOLS. Preparing Agricultural Financial Statements. How do financial statements prove useful? Preparing Agricultural Financial Statements Thoroughly understanding your business financial performance is critical for success in today s increasingly competitive agricultural, forestry and fisheries

More information

Balance Sheet or Net Worth Statement

Balance Sheet or Net Worth Statement Balance Sheet or Net Worth Statement Assets = Liabilities + Owner Equity Owner Equity = Assets - Liabilities Balance Sheet Assets Liabilities Owner Equity Assets Everything owned that has value including

More information

Enterprise Budgeting. By: Rod Sharp and Dennis Kaan Colorado State University

Enterprise Budgeting. By: Rod Sharp and Dennis Kaan Colorado State University Enterprise Budgeting By: Rod Sharp and Dennis Kaan Colorado State University One of the most basic and important production decisions is choosing the combination of products or enterprises to produce.

More information

RUNNING A BUSINESS FROM HOME

RUNNING A BUSINESS FROM HOME RUNNING A BUSINESS FROM HOME A number of circumstances and developments have come together over the past couples of decades to make a home-based business, once practically unknown, a common fact of business

More information

Financial Statement for. Self-Employed People

Financial Statement for. Self-Employed People Financial Statement for Self-Employed People Ben SE August 2010 About this form Please fill in this form if: you or your partner are self-employed AND you are not sending any business accounts with your

More information

FIU s Veterans and Small Farmer Outreach (VeSFO) Program

FIU s Veterans and Small Farmer Outreach (VeSFO) Program FIU s Veterans and Small Farmer Outreach (VeSFO) Program MARCH 26, 2015 Agenda Farm Credit System Overview Farm Credit of Florida Overview Young, Beginning, Small, Minority & Veteran Farmers Products offered

More information

Breaking Barriers for Beginning Farmers and Ranchers (NIFA-USDA # )

Breaking Barriers for Beginning Farmers and Ranchers (NIFA-USDA # ) Breaking Barriers for Beginning Farmers and Ranchers (NIFA-USDA #2010-49400-21729) Fundamental Record Keeping and Financial Statements Jose A., Ph.D. Assistant Professor of Agribusiness Department of Agricultural

More information

CROP BUDGETS, ILLINOIS, 2015

CROP BUDGETS, ILLINOIS, 2015 CROP BUDGETS Department of Agricultural and Consumer Economics University of Illinois CROP BUDGETS, ILLINOIS, 2015 Department of Agricultural and Consumer Economics University of Illinois September 2015

More information

Self-Employed Persons

Self-Employed Persons Self-Employed Persons Deductible Expenditure 168 Broadway Avenue Phone (06) 357 6006 PO Box 788 Fax (06) 358 4716 PALMERSTON NORTH Web www.coombesmith.co.nz Self-Employed Persons Deductible Expenditure

More information

HB11b - Housing Benefit and Council Tax Support Self Employed Earnings Information

HB11b - Housing Benefit and Council Tax Support Self Employed Earnings Information Benefit Service PO Box 2, Forde House Newton Abbot, TQ12 4YR Phone: 01626 215078 Fax: 01626 215538 Email: revandbens@teignbridge.gov.uk HB11b - Housing Benefit and Council Tax Support Self Employed Earnings

More information

How much financing will your farm business

How much financing will your farm business Twelve Steps to Ag Decision Maker Cash Flow Budgeting File C3-15 How much financing will your farm business require this year? When will money be needed and from where will it come? A little advance planning

More information

How Can You Reduce Your Taxes?

How Can You Reduce Your Taxes? RON GRAHAM AND ASSOCIATES LTD. 10585 111 Street NW, Edmonton, Alberta, T5M 0L7 Telephone (780) 429-6775 Facsimile (780) 424-0004 Email rgraham@rgafinancial.com How Can You Reduce Your Taxes? Tax Brackets.

More information

INCOME FROM FARMING OPERATIONS (INCLUDING PARTNERSHIP FARMING OPERATIONS)

INCOME FROM FARMING OPERATIONS (INCLUDING PARTNERSHIP FARMING OPERATIONS) INCOME FOM FAMING OPEATIONS (INCLUDING PATNESHIP FAMING OPEATIONS) All income derived directly from any farming operations will be regarded as farming income. Income from farming activities will also include,

More information

INSURANCE. Section 1 TAXABLE INSURANCE CONTRACTS. Taxable Insurance contracts

INSURANCE. Section 1 TAXABLE INSURANCE CONTRACTS. Taxable Insurance contracts BULLETIN NO. 061 Issued June 2012 THE RETAIL SALES TAX ACT INSURANCE This bulletin explains the 2012 Budget changes affecting insurance contracts. Effective July 15, 2012, retail sales tax (RST) applies

More information

Self Employed & Single Member LLC Tax Organizer

Self Employed & Single Member LLC Tax Organizer Self Employed & Single Member LLC Tax Organizer CLIENT INFORMATION Business Name (DBA): Email: Date of Formation: EIN#: Best Phone#: Business Address: Tax Period City: State: ZIP Code: What date was the

More information

Preparing A Cash Flow Statement

Preparing A Cash Flow Statement Preparing A Cash Flow Statement By: Norm Dalsted and Rod Sharp Colorado State University It is highly unlikely you would attempt to drive to Detroit, Michigan, without first consulting a road map. You

More information

Use of the words Mary Kay, Mary Kay Cosmetics or MK on your accounts is not authorized with the exception of those offered through MKConnections.

Use of the words Mary Kay, Mary Kay Cosmetics or MK on your accounts is not authorized with the exception of those offered through MKConnections. Why Record Keeping Is Important Accurate, up-to-date records are vital to your Mary Kay business. They will help you keep your Mary Kay business organized and may even save you money on your income taxes.

More information

Tax Preparation Checklist

Tax Preparation Checklist Tax Preparation Checklist Being prepared for tax season could expedite your return and reduce your taxes. We have prepared a list of common items that are present with most returns. Taxpayer Checklist

More information

ONTARIO Court File Number. Form 13: Financial Statement (Support Claims) sworn/affirmed. Applicant(s) Respondent(s)

ONTARIO Court File Number. Form 13: Financial Statement (Support Claims) sworn/affirmed. Applicant(s) Respondent(s) ONTARIO Court File Number at (Name of Court) Court office address Form 13: Financial Statement (Support Claims) sworn/affirmed Applicant(s) Full legal name & address for service street & number, municipality,

More information

Employment status: employee in terms of employment law. generally taxed as employees. Tax on profits:

Employment status: employee in terms of employment law. generally taxed as employees. Tax on profits: Sole trader Vs Limited company The comparison is for a trading business. Many of the points summarised here are not relevant if you want to compare individuals or companies that manage investment business.

More information

Business Plan Workbook

Business Plan Workbook Business Plan Workbook TABLE OF CONTENTS 1.0 OVERVIEW... 3 2.0 DESCRIPTION OF THE BUSINESS... 5 3.0 OWNERSHIP & MANAGEMENT... 7 4.0 MARKET & INDUSTRY OVERVIEW... 8 5.0 MARKETING PLAN & STRATEGY... 11 6.0

More information

Housing Benefit / Council Tax Support Full self-employed income form

Housing Benefit / Council Tax Support Full self-employed income form Housing Benefit / Council Tax Support Full self-employed income form Please complete all sections About you Name Address Claim No/ NINO Home telephone number Work telephone number Mobile telephone number

More information

Social Security Number: Occupation: Email Address: Current Address (if not listed on W2 form or 1099 Taxpayer Name: Spouse Name: form):

Social Security Number: Occupation: Email Address: Current Address (if not listed on W2 form or 1099 Taxpayer Name: Spouse Name: form): For New Clients only - please submit with your forms and documentations TAX RETURN QUESTIONNAIRE - TAX YEAR 2014 Current Address (if not listed on W2 form or 1099 Taxpayer Name: Spouse Name: form): Phone

More information

Honolulu, Hawaii 96813-5010 (808) 593-2199

Honolulu, Hawaii 96813-5010 (808) 593-2199 Honolulu, Hawaii 96813-5010 (808) 593-2199 BUSINESS BANKRUPTCY -- CLIENT INFORMATION WORKSHEETS DEBTOR JOINT DEBTOR FULL NAME: STREET ADDRESS: MAILING ADDRESS: COUNTY: HOME PHONE: WORK PHONE: FAX (if available)

More information

T2125 & GST-HST Worksheet

T2125 & GST-HST Worksheet T2125 & GSTHST Worksheet This worksheet supports the integrated completion of the T2125 Statement of Business or Professional Activities, and GSTHST return using the Simplified or Quick methods. Your client

More information

Costs and Returns on Dry-Land Wheat Farms

Costs and Returns on Dry-Land Wheat Farms Costs and Returns on Dry-Land Wheat Farms (Waico- Gautttif., QietfOti, 1952) D. Curtis Mumford Agricultural Experiment Station Oregon State College Corvallis Circular of Information 541 April 1954 Costs

More information

PROJECTING YOUR CASH FLOW

PROJECTING YOUR CASH FLOW THE BUSINESS ENTERPRISE CENTRE S GUIDE TO PROJECTING YOUR CASH FLOW The Business Enterprise Centre is a member of Last updated 16 Jan 2015 TD Page 1 of 26 Preface A cash flow statement reports the outflow

More information

Chapter 5 Business Expenses

Chapter 5 Business Expenses Chapter 5 Business Expenses Key Concepts Trade or business expenses must be ordinary, necessary, and reasonable in amount to be deductible. Accrual-basis taxpayers deduct their expenses when the all-events

More information

Cash Flow Analysis (Form 1084)

Cash Flow Analysis (Form 1084) Cash Flow Analysis (Form 1084) Borrower Name: Business Name (optional): This worksheet may be used to prepare a written evaluation of the analysis of income related to self-employment. The purpose of this

More information

Cash Flow Analysis Worksheets

Cash Flow Analysis Worksheets Cash Flow Analysis Worksheets Trent Teegerstrom Introduction This article describes the cash budget and analysis worksheets available for downloading at the Department of Agricultural and Resource Economics

More information

CASH FLOW ANALYSIS (FORM 1084)

CASH FLOW ANALYSIS (FORM 1084) CASH FLOW ANALYSIS (FORM 1084) Form 1040 Individual Income Tax Return Line 1 - Total Income: Begin with Total Income, which represents the borrower's gross income before adjustments. Line 2 Wages, Salaries,

More information

- If I sell my house during the year, who gets the tax ticket and who is responsible for the taxes?

- If I sell my house during the year, who gets the tax ticket and who is responsible for the taxes? Real Estate Taxes - What is the Real Estate tax rate for Wythe County? - If I sell my house during the year, who gets the tax ticket and who is responsible for the taxes? - How and when will I be assessed

More information

FLUE-CURED TOBACCO BUDGET INFORMATION Eric Eberly, Retired Extension Agent, Farm Business Management

FLUE-CURED TOBACCO BUDGET INFORMATION Eric Eberly, Retired Extension Agent, Farm Business Management FLUE-CURED TOBACCO BUDGET INFORMATION Eric Eberly, Retired Extension Agent, Farm Business Management Introduction The flue-cured tobacco budget is an estimate of the costs to produce 2500 pounds of marketable

More information

Self-Employment Handbook

Self-Employment Handbook Minnesota Department of Human Services Income Daycare Methods Services A resource for Cash & SNAP 1 Self-Employment Guide SE 01.0 Introduction... 3 SE 02.0 Definition of a self-employed person... 3 SE

More information

The University of Georgia

The University of Georgia The University of Georgia Center for Agribusiness and Economic Development College of Agricultural and Environmental Sciences Estimating a Business Opportunity s Economic Vitality DRAFT Prepared by: Kent

More information

BUSINESS EXPENSES AND DEDUCTIONS

BUSINESS EXPENSES AND DEDUCTIONS 03 BUSINESS EXPENSES AND DEDUCTIONS Claim deductions for your business expenses when you lodge your income tax return, see page 18. To claim deductions for your business expenses when you lodge your income

More information

pages is accurate to the best of my knowledge and belief and sets out the financial situation as of (give date for which information is accurate)

pages is accurate to the best of my knowledge and belief and sets out the financial situation as of (give date for which information is accurate) ONTARIO Court File Number at (Name of Court) Court office address Form 13: Financial Statement (Support Claims) sworn/affirmed Applicant(s) Full legal name & address for service street & number, municipality,

More information

The following abbreviated list of accounts provides an example of the accounts

The following abbreviated list of accounts provides an example of the accounts 6835appd.qxp_lb 2/6/08 11:16 AM Page 179 A PPENDIX D Basic Accounts for Remodelers The following abbreviated list of accounts provides an example of the accounts typically used by remodelers. The complete

More information

Page 1 OLSON CPAs, PLLC CERTIFIED PUBLIC ACCOUNTANTS 2015 INCOME TAX ORGANIZER ********************************************************

Page 1 OLSON CPAs, PLLC CERTIFIED PUBLIC ACCOUNTANTS 2015 INCOME TAX ORGANIZER ******************************************************** Page 1 OLSON CPAs, PLLC CERTIFIED PUBLIC ACCOUNTANTS 2015 INCOME TAX ORGANIZER ******************************************************** Client Name: E-mail: Telephone: Day Evening NOTES: If we DID NOT

More information

The BASICS of FINANCIAL STATEMENTS For Agricultural Producers

The BASICS of FINANCIAL STATEMENTS For Agricultural Producers The BASICS of FINANCIAL STATEMENTS For Agricultural Producers Authors: James McGrann Francisco Abelló Doug Richardson Christy Waggoner Department of Agricultural Economics Texas Cooperative Extension Texas

More information

Instructions for Schedule F, Profit or Loss From Farming

Instructions for Schedule F, Profit or Loss From Farming Instructions for Schedule F, Profit or Loss From Farming Use Schedule F to report farm income and expenses. File it with Form 1040, 1041, or 1065. This activity may subject you to state and local taxes

More information

Business Expense Log. Year of

Business Expense Log. Year of Business Expense Log Year of 5206 Gateway Centre Suite 100 Flint, Michigan 48507 Tel. 810.238.4617 877.244.1787 Fax 810.238.5083 www.lewis-knopf.com Business Expense Log Business Expense Log 2008 UARY

More information

Farm and stock valuation

Farm and stock valuation Helpsheet 232 Tax year 6 April 2013 to 5 April 2014 Farm and stock valuation A Contacts Please phone: the number printed on page TR 1 of your tax return the SA Helpline on 0300 200 3310 the SA Orderline

More information

Enterprise Budget User Guide

Enterprise Budget User Guide Enterprise Budget User Guide An Accompanying Guide to the Southwest British Columbia Small-Scale Farm Enterprise Budgets Institute for Sustainable Food Systems Kwantlen Polytechnic University Technical

More information

Revenue and Costs for Corn, Soybeans, Wheat, and Double-Crop Soybeans, Actual for 2009 through 2015, Projected 2016

Revenue and Costs for Corn, Soybeans, Wheat, and Double-Crop Soybeans, Actual for 2009 through 2015, Projected 2016 CROP COSTS Department of Agricultural and Consumer Economics University of Illinois Revenue and Costs for Corn, Soybeans, Wheat, and Double-Crop Soybeans, Actual for 2009 through 2015, Projected 2016 Department

More information

Revenue and Costs for Corn, Soybeans, Wheat, and Double-Crop Soybeans, Actual for 2010 through 2015, Projected 2016 and 2017

Revenue and Costs for Corn, Soybeans, Wheat, and Double-Crop Soybeans, Actual for 2010 through 2015, Projected 2016 and 2017 CROP COSTS Department of Agricultural and Consumer Economics University of Illinois Revenue and Costs for Corn, Soybeans, Wheat, and Double-Crop Soybeans, Actual for 2010 through 2015, Projected 2016 and

More information

Tax Deductions For Owners of Rental Property. Information provided by

Tax Deductions For Owners of Rental Property. Information provided by Tax Deductions For Owners of Rental Property Information provided by taxquest.biz 124 South 5th Street Norfolk, Nebraska 68701 402-379-4354 Copyright 2013 TaxQuest, Inc. Updated 1/04/2013 Dear Client,

More information

THE NECESSARY FBT RECORDS

THE NECESSARY FBT RECORDS THE NECESSARY FBT RECORDS Under tax law, you must keep sufficient records to enable your FBT liability to be assessed. You must keep your records in English. If your records are not in a written form (for

More information

ONTARIO Court File Number. Form 13.1: Financial Statement (Property and Support Claims) sworn/affirmed. Applicant(s) Respondent(s)

ONTARIO Court File Number. Form 13.1: Financial Statement (Property and Support Claims) sworn/affirmed. Applicant(s) Respondent(s) ONTARIO Court File Number at (Name of court) Court office address Form 13.1: Financial Statement (Property and sworn/affirmed Applicant(s) Full legal name & address for service street & number, municipality,

More information

This bulletin explains the application of retail sales tax (RST) to certain insurance contracts that relate to Manitoba, at the rate of 8%.

This bulletin explains the application of retail sales tax (RST) to certain insurance contracts that relate to Manitoba, at the rate of 8%. BULLETIN NO. 061 Issued July 15, 2012 Revised July 2013 THE RETAIL SALES TAX ACT INSURANCE This bulletin explains the application of retail sales tax (RST) to certain insurance that relate to Manitoba,

More information