2D—Lancaster Farming. Saturday, Feb. 14. 1976 Young farmers hear trends in filing ELIZABETHTOWN - Before the spring plowing and planting begin, farmers have an important Job in store for them which could add a little profit to their pocket or a red letter ad dition to their bank accounts. For the months February to April have always been the ‘‘proverbial period” for filing taxes. Young farmers who met here on Thursday evening, heard two tax consultants speak on ways to file farm income taxes and the If cows could talk they’d ask for " WL ALFALFAS WL 311 WL 305 WL 318 Resistant to Anthracnose and Bacterial Wilt High Yielding— Excellent Stand Persistence Rapid growing Dark green color fine stems Excellent seedling vigor and stand establishment Developed by Waterman Loomis Co., specialized alfalfa breeders. WL 318 —Resistant to phytophtora BEACHLEY-HARDY SEED CO. income tax returns methods to do so efficiently. Don Boyer, an ag instructor at Elco High School in Lebanon County and Ron Bower, an area tax ac countant, addressed the group on what might have been titled, "loopholes. In vestment and Judgement.” James Green, young farmer advisor for Elizabethtown area, cautioned farmers on keeping good records. "We’ve got to get a step beyond the old shoebox filing system,” he noted. ‘‘Keeping AVAILABLE AT YOUR LOCAL SEED DEALER Shiremanstown PA 17091 good record* is for your benefit and I* essential for management.’* Boyer, a former tax consultant, explained some ways for fanners to cot taxes by paying wages to children who work on the farm. “Wages for children, is paid on a monthly or weekly basis, can be deducete as a business ex pense,” be explained. “However entering into this type of arrangement requires, some consultation from a tax person as it must be done properly.” Auditing seemed to be a favorite subject among many and Boyer explained that the auditing system is determined in several ways. “Some audits are really routine such as taking every 15tb return, but another more sophisticated method is done by the computer.” Boyer noted that com puters have been pre-set for limits. “If a farmer shows a feed bill over “x” number of dollars but it doesn’t seem to match his number of cows or pounds of milk - then the computer might single him out for an audit.” Disagreements over audits can be taken from the district office up to the regular court system is a problem cannot be ironed out explained the instructor, “it depends on what amount of money is being discussed and in question.” Ron Bower explained several new tax changes for the current year. Under the new law a personal credit of $3O is available for depen dents and the filing in- TEST RESULTS (1 4 yrs PA type climates) WL 305 out yielded Vernal by 10 9% WL 311 out yielded Vernal by 12 69% and Saranac by 10 26% W 31S out yielded Vernal by \ 1 3% (Mean annual yields test data available on request/ dividual. “Many people are forgetting this and you should be aware that this option is open.” The accountant also noted that a person earning less than SBOOO per year may be elMblefor credit up tojMOO under a pew law for 1975. Individual retirement funds were also mentioned, as it is now possible to take $l5OO. per year to begin a retirement plan. The amount is not taxed until with drawal SOW LIMITED Lets your sows know when they’ve had enough Master Hx* SOW LIMITED LEROY M. SENSENIG INC. Ephrata. PA (717) 733-8668 ROSS H. ROHRER & SONS. INC. Quarryville, PA (717) 786-3372 GRUBB SUPPLY CO. Elizabethtown, PA (717) 367-1525 SPANGLER & SPRENKLE INC. York, PA (717)843-8889 Both men cautioned far* mers about keeping adequate records for machinery depreciation. "Try not to lump all machinery together,” Boyer noted, “separate machinery listings can help when pieces are traded or sold.” Taking investment credit for housing presented many questions from the young farmers as their buildings were in question. Much controvery has arisen over the topic as some buildings on the farm are eligible for investment credit while others are not. Milking parlors • especially rotary type have been excepted in some instances but con finement bousing for hogs have. “It is a matter of whether the equipment in side can be used elsewhere,” Boyer noted. “My advice has been to try to take the mm If your sows and gilts had their way, they’d consume too much feed at the early stages of gestation. That isn’t good tor them, or their baby pigs. So, hogmen try to limit consumption by daily feeding of bulk rations or by feeding every other day. Now, thanks to Master Mix® Research, there’s a better way to feed gestating sows and gilts. New Sow Limited from Master Mix. Sow Limited is a “self-limiting” feed that lets your sows and gilts eat as much as they want, yet they can still keep in top condition. This new formula is designed especially for confinement operations that use self-feeders. Feeding is more convenient for you and every sow in the house gets her fill without getting out of condition. There are three Sow Limited formulas to meet the changing needs of your sows and gilts from the start of gestation all the way to farrowing. See your local Master Mix Dealer for all the details about Sow Limited feeds PARADISE SUPPLY Paradise. PA (717)687-6292 STEWARTSTOWN MILLING Stewartstown, PA (717)993-2055 , HOLLINGER FARM SERVICE FEED < & HOME SUPPLY & SUPPLY CO. Lititz, PA Cardiff. Maryland (717) 626-2330 (301) 452-8444 (717) 456-7433 building for credit but to have the money in reserve in cue it does not work out." The IRS Menu to be in disagreement over the topic also u in the current tax guide a ben house it eligible (or Investment credit but ' laying house is not. The 1 difference - no one quite knowi! While many situations are plausible, both tax con sultants noted that filing on time is essential. "Don’t let April ISth goby and not file,” they cautioned, "it is better no to pay and sign a note then not to file at all.” The human being Is an incurable optimist. He believes be has a pretty good chance to win a lottery, but that there is hardly any chance of Us getting killed in a traffic accident. Master Mix W VAN-MAR FEEDS, INC. Leesport, PA (215) 926 2121
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