13b 7973 2014-15 Business/FarmSupplement - cumc columbia-2026

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  1. Click ‘Get Form’ to open the 13b 7973 Business/Farm Supplement in the editor.
  2. Begin by entering your personal information, including your name, date of birth, and social security number in the designated fields.
  3. For the Parents’ Business/Farm Information section, provide details such as the name of the business or farm, its commencement date, and location.
  4. Indicate the type of business or farm by selecting from options like Sole Proprietor, Corporation, or Partnership.
  5. Fill in your percentage of ownership and total income/expenses for the business. Ensure you refer to your IRS tax returns for accurate figures.
  6. If applicable, report any gains or losses from livestock sales in the specified sections. Remember to write '0' for questions that do not apply to you.
  7. Review all entries for accuracy before saving your completed form. Utilize our platform's features to easily edit any mistakes.

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If either of your parents is self-employed or owns a business/farm, you will need to provide information about the business or farms income, assets and liabilities by submitting the 2025-26 Business/Farm Supplement and the 2023 business tax return.
A business farm is just that, a farm in the business of making money. That isnt to say that a hobby farm may not or does not sell their produce, meat, and cheese, but it is not the primary source of income for the hobby farmer. Another difference between a hobby farm vs. business farm is size.
Sole Proprietor- if that is the best option for now. The purchase that have been made this far and future such as feed, cattle, fencing, equipment, tractor, farm truck, etc. Can those purchase be written off? Do those purchase need to be in the individuals name or DBA ?

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A farm business plan is a road map that helps you identify goals, strategies, and resources to succeed. It is the WHAT, HOW, and WHY that drive your business. It can help you test your business idea, reduce risk, and make informed decisions.