Ontario Works Policy Directives
|
|
- Maud Meryl Bradford
- 7 years ago
- Views:
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 TABLE OF CONTENTS Farm Receipts... Milk Sales and Deductions Worksheet... Government Payments Worksheet... Commodity Certificates... Sale of Livestock Worksheet... Farm Expenses...0
More informationOntario 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 informationInstruction 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 informationTax 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 information3. 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 informationSTATISTICAL 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 informationStatistical 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 information1420 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 informationCORPORATE 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 informationTax 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 informationFarm 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 informationTo 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 informationHow 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 informationFULLER 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 informationAgriculture & 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 informationSELF-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 informationCash 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 informationSetting 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 informationFarm 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 informationBasics 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 informationCheck 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 informationDEDUCTING 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 informationPromoting 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 informationAs 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 informationMarch 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 informationPST-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 informationAGRICULTURAL 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 informationSmall 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 informationHonolulu, 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 informationTAX 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 informationCash 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 informationThe 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 informationCROP 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 informationSchedule 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 informationHousing 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 informationEnterprise 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 informationAGRICULTURE 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 informationINCOME 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 informationHow 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 informationPreparing 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 informationInstructions 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 informationBUSINESS 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 informationSTANDARDIZED PERFORMANCE ANALYSIS
STANDARDIZED PERFORMANCE ANALYSIS SPA-6 COW-CALF ENTERPRISE FINANCIAL PERFORMANCE MEASURES WORKSHEET (SPA-FCC) * 6-16-06 SPA is a standardized cow-calf enterprise production and financial performance analysis
More informationRevenue 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- 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 informationAccount 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 informationBasic Rules of Accounting the Expenses of the Operation of Vehicles in the Personal Income Tax and Corporate Income Tax System 2015.
Basic Rules of Accounting the Expenses of the Operation of Vehicles in the Personal Income Tax and Corporate Income Tax System 2015. The Act on Personal Income Tax 1 defines the expenses associated with
More informationPage 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[ 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 informationCash 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 informationThe 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 informationAssessing and Improving Farm Profitability
1 Fact Sheet 539 Assessing and Improving Farm Profitability Is my farm making money? This is a question farm managers think about often. To stay in business, the farm must generate a profit, at least in
More informationSelf 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 informationFlorida 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 informationComposition of Farm Household Income and Wealth
Composition of Farm Household Income and Wealth Today it is rare for any household to receive all of its from a single source. Even when only one household member is employed, it is possible to earn from
More informationFinancial 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 informationTAX MANAGEMENT TIPS FOR FARMERS L.R. Borton Michigan State University. 2015 - Tax Planning
TAX MANAGEMENT TIPS FOR FARMERS L.R. Borton Michigan State University 2015 - Tax Planning 1. The basic management guideline is to avoid wide fluctuations in taxable income because a relatively uniform
More informationCUSTOMER 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 informationTax and Small Business: Navigating the ATO minefield as June 30 draws closer
June 23, 2015 Tax and Small Business: Navigating the ATO minefield as June 30 draws closer The small business sector has variously been described as the engine room of the economy, as well as the biggest
More informationSmall 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 informationFarm 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 informationThe 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 informationIncentives for Farmers. And Agro-Business
Incentives for Farmers And Agro-Business CONTENTS Remission of Duties on Agricultural Vehicles 1 Procedure to obtain a 20% Duty Concession on farm 1 Remission of Duties on Agricultural Equipment, Machinery
More informationLachowicz & Company, LLC www.cpapros.com Tax Organizer Tax Year 2009
Lachowicz & Company, LLC www.cpapros.com Tax Organizer Tax Year 2009 Name: Taxpayer SS No. Birthdate/Age Spouse SS No. Birthdate/Age Address: Telephone (Home) ( ) Telephone (Work) ( ) Cell Phone: ( ) Cell
More informationUniversity of Illinois CROP BUDGETS. Consumer Economics
CROP BUDGETS Department of Agricultural and Consumer Economics University of Illinois CROP BUDGETS, ILLINOIS, 2013 Department of Agricultural and Consumer Economics University of Illinois July 2013 Introduction
More informationChapter 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 informationTax Organizer for Tax Year 2011
Tax Organizer for Tax Year 2011 Pam Coller, E.A. Office 972.887.1111 - Fax 972.887.1112 pam@heartoftaxes.com www.heartoftaxes.com www.pamcoller.com Name: Taxpayer SS No. Birthdate/Age Spouse SS No. Birthdate/Age
More informationUse 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 informationWould you like to know more about the
Your Net Worth Ag Decision Maker Statement File C3-20 Would you like to know more about the current financial situation of your farming operation? A simple listing of the property you own and the debts
More informationEnterprise 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 informationCROP BUDGETS, ILLINOIS, 2014
CROP BUDGETS Department of Agricultural and Consumer Economics University of Illinois CROP BUDGETS, ILLINOIS, 2014 Department of Agricultural and Consumer Economics University of Illinois June 2014 Introduction
More informationCompany Car Tax and Related Certain Personal Income Tax Issues 2014.
Company Car Tax and Related Certain Personal Income Tax Issues 2014. The tax liability relating to company cars is regulated in Chapter IV. of Act LXXXII of 1991 on the Motor Vehicle Tax (hereinafter:
More informationThe key tools of farm business analyses
10 The key tools of farm business analyses This chapter explains the benefits of accurately documenting farm assets and liabilities, as well as farm costs and income, to monitor the business performance
More informationEmployment 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 informationA contractor s chart of accounts is the heart of the accounting system. Of particular importance is the cost of sales section (beginning in the 41000
CHART OF ACCOUNTS A contractor s chart of accounts is the heart of the accounting system. Of particular importance is the cost of sales section (beginning in the 41000 series and ending in 43000). This
More informationTax Implications of Farm Liquidation, Debt Forgiveness, and Bankruptcy
Tax Implications of Farm Liquidation, Debt Forgiveness, and Bankruptcy Prepared by C. Robert Holcomb, EA, Extension Educator, University of Minnesota Extension Revised December 9, 2009 Introduction: A
More informationBusiness 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 informationINSURANCE. 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 informationNOTES ON THE FINANCING AND TAXATION ASPECTS OF MACHINERY/EQUIPMENT INVESTMENT ON THE FARM
NOTES ON THE FINANCING AND TAXATION ASPECTS OF MACHINERY/EQUIPMENT INVESTMENT ON THE FARM John Norris Advisory Services Teagasc, Kildalton Phone: 051-644528 Mobile: 087 6184289 e-mail: john.norris@teagasc.ie
More informationTennessee Agricultural Production and Rural Infrastructure
Tennessee Trends in Agricultural Production and Infrastructure Highlights - In many states the percentage of the state population designated by the U.S. Census Bureau as living in rural areas has declined,
More informationTHE 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 informationBusiness Planning for the Allocation of Milk Quota to New Entrants
Business Planning for the Allocation of Milk Quota to New Entrants The business plan should start with a comment on where the farm is currently, what is planned over the next number of years and how it
More informationHousehold Composition Income & Assets Review
GREATER SUDBURY SOCIÉTÉ DE LOGEMENT HOUSING CORPORATION DU GRAND SUDBURY Household Composition Income & Assets Review To continue to be eligible for assisted rental housing, you are required by the terms
More informationHow 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 informationCalculating Your Milk Production Costs and Using the Results to Manage Your Expenses
Calculating Your Milk Production Costs and Using the Results to Manage Your Expenses by Gary G. Frank 1 Introduction Dairy farms producing milk have numerous sources of income: milk, cull cows, calves,
More informationBUSINESS 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 informationChart of Accounts AA Corp Tax 0000-1020 / page 1. Sales. Income from participating interests. Income from other fixed asset investments
0000-1020 / page 1 0000 Sales 0001 Sales type A 0002 Sales type B 0003 Sales type C 0004 Sales type D 0005 Sales type E 0006 Sales type F 0007 Sales type G 0008 Sales type H 0009 Sales type I 0100 UK sales
More informationPROJECTING 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 informationSelf-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 informationThis loan application booklet is provided to help you in the process of applying for a Rural Assistance Loan.
Dear Loan Applicant: This loan application booklet is provided to help you in the process of applying for a Rural Assistance Loan. A brochure about the loan program is also available from the Montana Department
More information12 Business Information (Green Sheet)
Give us COPIES only Clips only - NO STAPLES 12 Business Information (Green Sheet) If you are self-employed, or if you have had income for which you do not receive a W-2, please provide the following: A.
More informationCash 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 informationProcedure 20345: Moving and Relocation Expenses
Procedure 20345: Moving and Relocation Expenses The university may reimburse moving and relocation expenses in accordance with the Commonwealth of Virginia and Internal Revenue Service (IRS) policies and
More informationCONSULTANT S ORGANIZING YOUR MARY KAY BUSINESS
CONSULTANT S ORGANIZING YOUR MARY KAY BUSINESS ORGANIZING YOUR BUSINESS WHAT SUPPLIES DO I NEED? 1. Box/Filing Cabinet 2. Hanging Files 3. File Folders 4. Envelopes NOW WHAT? 1. Organize hanging files
More informationThis article illustrated deferred tax liabilities for a cash crop farm in west central Indiana. The
September 2014 Computation of Deferred Liabilities Michael Langemeier, Associate Director, Center for Commercial Agriculture This article is one of a series of financial management articles that will examine
More informationRisk Management for Greenhouse and Nursery Growers in the United States
Risk Management for Greenhouse and Nursery Growers in the United States Dr. Robin G. Brumfield, Specialist in Farm Management Dr. Edouard K. Mafoua, Research Associate in Agricultural Economics Rutgers,
More informationLake Manitoba Financial Assistance Program (LMFAP)
Lake Manitoba Financial Assistance Program (LMFAP) Part B Agricultural Infrastructure, Transportation and Crop/Forage Loss Component Frequently Asked Questions 1. What is the purpose of Part B? The Province
More informationExample Accounting/Financial Policies
Example Accounting/Financial Policies TABLE OF CONTENTS INTERNAL CONTROLS... 2 ACCESS TO RECORDS BY MEMBERS... 3 ACCOUNTING COMPUTER FILE BACK-UP PROCEDURE... 3 ACCOUNTING METHOD... 3 AUDIT COMMITTEE...
More informationCourse: AG 460-Agribusiness Management and Marketing
Course: AG 460-Agribusiness Management and Marketing Unit Objective CAERT Lesson Plan Library Unit Problem Area Lesson Agricultural Careers 1. Identify and describe careers in agriculture Agribusiness
More informationGuidelines for Self-Employed Persons
INLAND REVENUE DEPARTMENT Saint Lucia Guidelines for Self-Employed Persons Our Mission The Inland Revenue Department stands committed in its impartial treatment of its customers. We aim to provide efficient,
More information