SCHAEFFERSTOWN - “Taxes are the third largest consumer of capital,” stated Steven Certified Public Accountant as he addressed nearly 200 far mers from in and around Lebanon County on Wed nesday. Hoffman, along with other speakers including Pennsylvama Secretary of Agriculture Penrose Hallowell, brought the soil stewards up-to-date on the latest information on farm taxes, estate planning, market predictions, and farmland preservation. Hoffman advised the group tax management can be an important financial tool in farming. Need... HAY - STRAW - EAR CORN PEANUT HULLS Buy Now and Save! More and more farmers are buying from us for better value and all around satisfaction. DELIVERED —ANY QUANTITY Phone Area Code 717-687-7631 ESBENSHADE TURKEY FARM PARADISE, PA. DEUTZ DIESELS FROM INDIANA? fe A >. «(«* mcmom •>- v Deutz customers know from experience that Deutz diesels area creation of German engineering and production craftsmanship. All those happy Deutz users will be even happier to learn that NOW DEUTZ DIESELS ARE MADE IN USA - at an engine plant Deutz purchased in Richmond, Indiana. Domestic production in the 20-160 hp range gives us and our Deutz customers a tremendous advantage over all other air-cooled diesels. Invest in a sure thing - Deutz diesels have been famous for fuel economy and reliability since Amos Stauffer first sold Deutz diesels in this area - 25 years ago We are eoually famous for superb Deutz service Don’t just buy a “bargain” diesel which is supposed to be “built like a Deutz". BUY A DEUTZ AND BE SURE YOU HAVE MADE A GOOD INVEST MENT. A Deutz diesel will usually recover the difference in price thru fuel savings alone within one year. CALL OR VISIT THE STAUFFER BROTHERS AT; {fauffier Diesel Inc. 312 W. MAIN ST., NEW HOLLAND, PA. 717-354-4181 OR ONE OF OUR AUTHORIZED DEALERS: Holtry’s Welding & Repair - Roxbury, Pa. 17251 (717)532-7261 Peights Gas Refrigeration - Box 20, Belleville, Pa 17005 (717) 935-2223 Smuclcers Sales * Service - RD «2. Box 21, New Holland. Pa. 17557 (717)354-4158 Milt's Sales & Service RD # 1 Friendship School Rd . Mechanicsville, Maryland 20659 (301)373 5904 R.W. Maust Jr. Garage -RD #4 Box 160, Selmgsgrove. Pa 17870(717)743 7196 Susquehanna Motor Co., Inc. - P O Box 55, West Milton, Pa 17886 (717)568-6941 Lebanon Co. farmers hear trends, taxes “Tuning your income and deductions between years can help save money in taxes,” he said. He stressed the im portance of keeping good farm records for investment credit and depreciation tax breaks. “Previously farmers could get by with cash, sales slips and a check book,” Hoffman said “Nowit’s imperative to keep a decent set of books and records ” He pointed out a 1978 tax law now allows for depreciation to be taken on single purpose buildings, along with breeding livestock, fencing, wells, and storage facilities Used property can also be depreciated, but with a limit of $lOO,OOO in any one year, he added. Income taxes also can be reduced depending on the operation whether in dividual (allowed 70 per cent), partnership (spread income between family members), or corporation (income sheltered, allowed 46 percent). Other expenses that can be deducted for tax purposes include soil and water conservation costs, fertilizer and seed, land clearing, machine hire, insurance premiums, freight and trucking and other farm business expenses. Hoffman stressed the need for proper estate planning for tax savings on inheritance taxes on the farm. The in’s and out’s of this topic were highlighted by R Darrell Ford of Estate Archetypes, Inc , York County. Of course these subjects assumed the farm was earning an income and was not sold to avoid bankruptcy. To give the farmers an idea of what their chances of making a profit looked like, Penn State Extension Economist Lotus Moore talked about the factors influencing the price of beef, pork, and gram today. His outlook for cattle and corn was favorable He said prices will remain strong throughout 1981 and possibly IT'S THE BEST OF BOTH WORLDS! mto the next year depending on weather and numbers. The hog story was slightly different. Moore noted in 1959 there were 2 million hog producers in the U.S. now there’s less than 650,000. These operations are getting larger, with more hogs being produced on fewer farms. With the recent nse and fall in market hog prices, Moore noted the small operator is being driven out the larger operations are trying to wallow through because of their larger capital investment One good thing for Penn sylvania hog producers is the proximity of packers, Moore pointed out. “Pennsylvania slaughters 75 percent of the hogs that (Turn to Page A 32) Taxes and trends were the subject of three specialists in the field at the Lebanon Valley National Bank seminar for farmers held Wednesday. R. Darrell Ford, of Estate Archetypes, Inc., York, left, spoke on estate planning; Steve Hoffman, C.P.A. for Peat, Marwick, Mitchell & Co., Harrisburg, center, discussed tax management; Penn State economist Lou Moore covered the economic trends facing farmers in 1981. THE NEW CONCORD MILKER Z&uy Regional Sales Manager Ray Kuhns 67 Roland Ave Chambersburg, PA 17201 717-264-3814 Simpson’s Cooling Service New Oxford PENNSYLVANIA >l7-624-8568 Distributors Byers Construction D. Ray Byers Chambersburg 717-369-4861 Donald Everitt Miftlmtown 717 436 2561 Lancaster Fanning, Saturday, January 31,1981—A29 ~s <*• * *K*> a Pa. Secretary of Agriculture Penrose Hallowed up-dated the farmers on farmland preservation efforts and legislation. “I hope to see the day farmers plow up the parking lots in Levittown to plant corn," he said. Zero Manufacturing Company Washington, Missouri 63090 U.S.A. TEL. (314) 239-6721 Telex 44-2476 W.F. Caring Go. Honesdale 717-253-0187 Marvin J. Horst Lebanon 717-272-0871 W * 1 Dairy Sales Oxfr 717-5*9-2569 NEW JERSEY Hockenbury Electric Rmgoes 201-782-5950 , ✓ v' Softer, Faster Milking Inflations IMPROVE HERD HEALTH. SAVE TIME AND LABOR. PRODUCE CLEANER, BETTER TASTING MILK AND MAKE MORE MONEY. DELAWARE Hiott Refrigeration Wyoming 302-697-3050 MARYLAND Laurel Run Farm Supply Grantsville 301-895-5567 Roop t Sons Lmwood 301-775-2127 Warfield's Refrigeration Frederick 301-663-0088 '4 & £
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