D
12—Lancaster Farming, Saturday, December 17,1983
Brockett’s Ag Advice
RH I
Tax Planning • Final
In the past three weeks we have
been discussing tax planning for
1983. Now let us look at some of the
things you can do for 1983 taxes
and for 1964.
Estimated Tax Return
If you file an estimated tax
return by January 15th of 1984, you
could postpone the due date on
your tax return until April 15th. (At
present it is March Ist if you are a
full-time farmer). Why do this?
Under many circumstances there
may be no reason to postpone it.
Jake. BINKLEY & HURST BROSJ
sure have a great ~ ■-
CASH & CARRY DAYS SALE/
going on now thru December 29th!
Jake, they're Closed
Monday. Dec. 26th and the
Sale Ends Thurs.. Dec. 29th )
BINKLEY & HURST BROS. INC.
133 Rothsville Station Rd., Lititz, PA 17543
PH 717-626-4705
Hours Daily 7AMto 5 PM. Sat 7AMto 11 30 AM
By John E. Brockett
Farm Management Agent
Lewistown Extension Office
However, there can be ad
vantages:
1. You have more income for 1983
than you did in 1982. If you file a
tax estimate by January 15th and
pay 100% of the amount of tax paid
in 1982, you could postpone paying
that additional tax for six weeks
(longer than usual). That may put
you in a better cash flow position.
2. If you are real busy early in
the year and may have more time
later, postponing may fit your time
schedule better.
3. If someone else does your
■r- C Luke, it sure is exciting)— x
Agoing through that 16 page flyer
from Lancaster Farming’s Dec. 10th
-T issue... BARGAINS GALORE!
Thanks, Luke, I'm heading
for BINKLEY & HURST,
again - they have
'something for everyone!!
taxes, he or she may like to spread
tax return preparation time out
over a longer period of time.
4. If you have a lot of in
vestments, the postponement may
assure you of receiving all of the
1099 reporting forms prior to tax
filing.
Quarterly Estimates
Non farmers with income where
there was insufficient withholding
must file a quarterly estimated
tax. Farmers can do this. It gives
the same effect as the January 15th
estimate - postpones final filing
date to April 15th.
Generally I do not suggest this to
farmers because they don’t have to
file quarterly. If they can
discipline themselves to put the
money into a personal “tax” ac
count, they could earn interest on
it. Then they could use the money
to pay the January 15th estimate or
file in the before March Ist period.
Personal “Tax” Account
This is an excellent thing for
farm families to have. Figure out
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CONCRETE
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410 Main St. • Akron, PA 17501 • (717) 859-2074 or 733-9196
the amount of total tax paid in
previous year, then divide by ten.
Put that amount in the personal
“tax” account every month. I use a
money market fund to get the best
returns and have it liquid for when
I need it. By total tax, I mean
federal, state, and local income
tax, plus social security self
Dairy producers informed
SYRACUSE Dairy producers
learned more about their milk
promotion program during a series
of 19 District Annual Meetings of
the American Dairy Association
and Dairy Council. The meetings
were held throughout New York
and parts of New Jersey and
Pennsylvania over the past two
months.
Representatives from the
ADA/DC staff presented an
overview of the 1983 milk
promotion program. Producers
were also given a preview of ADA
DC’s 1984 promotion plan, in
eluding the brand new advertising For further information
themeline, “Milk’s Got More.” regarding the district meeting
The presentations included the contact ADA/DC at HOT-MILK.
employment tax.
1984 Self Employment
Social Security
This will rise to 14% in 1984. That
will be the same as the total of
employer-employee social security
tax. It will also mean that y OU r
social security may exceed all 0 f
your own taxes put together.
accomplishments of the various
components that comprise ADA
DC’s marketing cycle. The areas
discussed included Dairy Council
Foodservice, Consumer-Industry
Relations, Food Publicity and
Retail and County Promotions
Research was presented to support
milk promotion and advertising
efforts.
The purpose of the district an
nual meetings is to inform dairy
producers of the milk promotion
program which is supported by
their funds and under their
direction.
Attention
Beef & Pork Raisers
CUSTOM BUTCHERING
HESS’ BUTCHER SHOP
2635 Willow Street Pike
Willow Street, PA
717-464-3374
X —We Process the Old Fashioned Way
i • Pudding • Hams • Bologna
♦ • Scrapple • Bacons • Dry Beef
| We also Specialize in Beef
i For Your Freezer, Sides of Pork,
X Sides of Beef.
♦ Freezer Lockers Now Available
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