66—Lancaster Farming. Saturday, Jan. 17. 1976 Several lively fires near the edge of the pond cast an orange glow across the snow and ice From a distance the flames were bright and pronounced. A wide perimeter stretching twice the width of the pond was distinctly illuminated, largely because of the reflective qualities of the snow. And within this dome of light there were skaters who, from far away, looked like moths dancing around a light bulb According to some in our neigh borhood, including ourselves, our farm pond was the best one around for skating This winter pastime was fun during both day and night, but there was something special about the atmosphere created by small fires at the edge of the pond. The glow from them represented warm feelings and romance. Excited voices and laughter confirmed our having a good time We were never cold, regardless of what the thermometer reading was Farm tax meeting set The Annual Schuylkill Mr. Jesse G. Cooper, Farm Extension Area Farm In- Tax Specialist of the Penn come Tax Meeting is sylvania Cooperative Ex scheduled for January 15, tension Service are the main 1976 at Leiby’s Ice Cream speakers. Farmers and tax House, South Tamaqua at practitioners interested in the junction of Routes 443 increasing their knowledge and 309. This Tax Meeting in income tax reporting and will begin at 10:00 a.m. and tax management are en contmue to 3:30 p.m. couraged to attend. Mr. Wayne B. Kelly and Changes in the tax laws CONGRATULATIONS —■— - -- -- because no one took time to even think about it. Besides, the cold was part of the fun The air was fresh, crisp, and clean, and it touched our faces in a way which made us feel brand new. Very much out of practice after nine or ten months in sneakers or boots, my first visits to our frozen pond were generally accompanied by sore feet, weak ankles, and a total lack of ability to maintain balance. When reason finally prevailed, my feet would find relief near one of the fires while I sat on a sled and admired the beauty of the evening. Our dog, having experienced a few upheavals himself, would usually come over too and be petted. Eventually everyone would get used to racing around on the ice, chasing each other or hockey pucks and only someone’s call for hot chocolate and left-over Christmas cookies could get us off the frozen surface. that affect farmers will be emphasized, along with special mention of calculating net profit, recapture, deferred income tax, deductions and the Pennsylvania Income Tax laws. For Further Information On Our STEEL BUILDINGS And GRAIN STORAGE ....Feel Free To Mail Attached Coupon Or Call Today! No Obligation. cvtRA 10% DISCOUNT FOR EARLY ORDERS reduced if they boughta new Tax changes affect^^^li.::lt correspondence from IRS i? 0 * 1-1 sic* where more then two-thirds tHffUli, oo of the Income is from far mlng, check the X box on Schedule E&R, Part 111. If a Jointly filed tax return shows 33 percent of the in come or more is from other than that associated with farming, a quarterly estimate of tax should be filed. Again if a farmer realizes they are a border line situation they may avoid penalty and interest if he files a fourth quarter report by January 15 after the close of the taxable year. For more information on these subjects plan to attend the Regional Tax Meeting that will be held January 21, 1976 in the Farm & Home Center, Lancaster, PA. If you plan to attend, please call the Penn State Ex tension office (394-6851) for a copy of the program and a registration form. farm Each year there «* e changes In reporting Income Tax. This year la no ex ception. The following are some of the changes. One change that farmers will find interesting is in the area of Inveitment Tax Credit. Investment Tax Credit is used to reduce your tax liability dollar for dollar, and will mean a reduction of $6OO or more in taxes this year for the average farmer. IC has been increased from 7 percent to 10 percent on all personal, tangible, depreciable property pur chased after January 21, 1975. Items purchased before January 21 will be subject to the 7 percent rule. If you do not have sufficient tax liability this year to use your IC, ask your accountant about applying for carry back, three years first, then carry forward for seven years if needed. Standard Deduction was increased to 16 percent of adjustable income line 42 Schedule 1040 - not to exceed $2300 for single taxpayer and $2600 for joint-filing tax payers. This will reduce the taxable income by $3OO to $6OO which will mean a reduction of $6O-$l2O or more in taxes. Itemized Deductions are still allowed in total. One may change from year to year their method of claiming their deductions and thus take the method r We have it in stock, now! ■* ,T| s«ie [ mjectable solution 18 2*/. Takes out the guesswork t of worming AVAILABLE FROM YOUR FAVORITE ANIMAL HEALTH SUPPLIER VERNON E. MYER STEEL BUILDINGS AND GRAIN STORAGE R D. #4 LEBANON, PA 17042 PHONE (717)867-4139 that is to their advantage each year. Earned Income Credit -10 percent of an income up to $4OOO or $4OO. This credit will be phased out above $4OOO and eliminated at $BOOO. This is special for 1975 but may be extended. Many farmers will have little or no tax to pay and could get a check of from $lOO to $4OO. Other changes with limited benefits to farmers in general are: Child Care Deduction - Net incomes on which the maximum deduction of $4OO per month could be taken have been raised from $lB,OOO to $35,000 and the deductions are phased out when net incomes reach $44,600. Housing Tax Credit - A 5 percent tax maximum of $2OOO for those individuals that are buying new homes that were constructed or under construction before March 26, 1975. For replacement of a home only the difference paid is subject to the 5 percent. Many taxpayers will have no tax to pay or at least greatly TRAMISOI! levamisole phosphate INJECTABLE SOLUTION the first injectable dewormer for cattle New TRAMISOL is this easy to use: 1. Dose: 2 cc. per cwt. 2. Pull the trigger s'iL/'( L 3. The job is done ( Tr£HYIISOI COMMERCIAL and AGRICULTURAL BUILDINGS WE OFFER COMPLETE ERECTION ON ANY SIZE OR STYLE BUILDING j Hioi£ Coupon Toduij! □ SEND STEEL BUILDINGS LITERATURE □ SEND GRAIN STORAGE LITERATURE I NAME, || ADDRESS i CITY. I TELEPHONE The complications of modem life are somehow symbolized by this traffic sign near a large in tersection in a midwestem city; “To make a left turn make two right turns.” STATE ZIP,
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