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.
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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
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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
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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.
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717-264-3814
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Distributors
Byers Construction
D. Ray Byers
Chambersburg
717-369-4861
Donald Everitt
Miftlmtown
717 436 2561
Lancaster Fanning, Saturday, January 31,1981—A29
~s
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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
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Oxfr
717-5*9-2569
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302-697-3050
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301-895-5567
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301-775-2127
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301-663-0088
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