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Show Richard Bean talks to Farmers; plan now for taxes Levan Lions and wives Richard Bean of Nephi was the speaker at a Levan Lions club ladies night held Novem-- ' ber 1. ' Utah farmers are currently completing one of their most profitable years with net farm incomes at record highs, but, according to Blaine Jones, USU dinner was served to those attending, with Mr. and Mrs. Alvin Christensen and Mr. and Mrs. Dean Howard in charge of the dinner. Others present were Arvil VYankier and Mrs. Edna Peterson, Mr. and Mrs. Gay VVorwood, Mr. and Mrs. Heber G. Shepherd, Mr. and Mrs. Terry Stephensen, Mr. and Mrs. Bryce Christensen, Mr. and Mrs. Kenneth Hoyt, Mr. and Mrs. James Taylor, Mr. and Mrs. Jerry Mangelson, and Mr. and Mrs. Richard Bean. A The meeting was held at the Levan City Hall. Mr. Bean spoke on defensive driving and showed a film about T telephone worker and an accident that happened to him i Twhile driving for the company. 2 The film was produced by the ' .telephone co. and was called ; .Anatomy of an accident. Extension " . Weekend guests at of Mr. and Mrs. Paystrup were Mr. Paul Paystrup and Rachel of Provo. Mr. and Francom had Sunday their wife, Mr. and of Tooele. the home Clarence and Mrs. An example: Assume farmer had a taxable income Mrs. H. Ray as their visitor on nephew, and his Mrs. Dean Bevan ' they visited with his sister, Mrs. Alvina Pierce. n Mr. and Mrs. Erhardt had as their guests on Tuesday of this week Mrs. John Sorenson of Pleasant Grove, Mrs. Onita Wade and children of Bountiful, and Mr. and Mrs. Keith Bendixen and family of Kearns. Ben-dixe- Mr. and Mrs. Robert Aagard and son of Burlington, Wyoming visited for three days last week with relatives in Levan. Sunday visitors at the home of Mr. and Mrs. Vern Mangelson were Mrs. Nancy McPherson and daughter Vivi of Nephi. were Nevada on additional income in 1973 could take 19 to nearly 70 percent of the farmers increased income. Jones cites information presented by Ray Finch, Utah State University extension service economist. Finch suggests that farmers who have had or are anticipating sharply increased incomes this year should begin planning immediately for tax management strategies to assure their after-taincome is not sharply reduced from expected levels. Some method which can be used by farmers in their tax management planning are: - Deferred Sales Contracts. In some instances, a farmer may sell his grain, livestock, or products this year and elect to receive payment the following year, and the payment could be reported in next years income. In order to use the deferred sales contract in tax planning, the contract should be made the farmer from obtaining the proceeds from the sale this year. A qualified lawyer should be contacted as to the contents of such a contract. 2- Credit. An Investment investment credit of up to 7 percent of the cost of certain items used in the farm business may be deducted directly from income tax payable on the Federal return. Items qualifying for investment credit include storage buildings such as silos, corn cribs, bins, etc.; breeding stock (except horses); farm machinery and equipment ; farm trucks and other vehicles; drain tile; wells; paved barnyards; fences; and certain unitary building systems. such as the unitary 3- This week's special recommend that all is It farmers with sharply higher incomes immediately prepare a rough estimate of income and expenses for 1973. These should include projections of expected income and expenses for the remainder of the year as well as those already received and good!!!!!!!!!!!! estimates These incurred. 45c dozen should be used to develop an estimated tax. Plans can then be made to take the necessary tax management steps in order to provide the best possible after-taincome for the farm x Thanksgiving is just around the corner. Let Ned do your Thanksgiving baking. Place your orders early for the best in pies, rolls, and breads. family; After making the estimates, the farmer may wish to consult a trained tax practitioner or other expert to obtain their evaluation of his situation. 1974. . Mrs. Verda Kendall returned her home recently after spending two weeks in Ogden with Mr. and Mrs. Ira Huggins, Mr. and Mrs. Joseph Huggins, Mr. and Mrs. John Huggins, and Mr. and Mrs. Robert Wabbuy. visitors at the home of Mr. and Mrs. Heber G. Shepherd last weekend. The above are several possibilities for farmers with unusually high incomes in 1973 to consider for managing their income tax situations. TheTimes-New- s Nephi, Utah O November 8, 1973 SMITH BAKERY !tttttttttutttttttutttttttt Congratulations ip&uSRm Js Friendly Service congratulate those who took part in the American Cancer held recently. Such projects as these build character in children, as they learn to help their fellow man. Cancer is one of the nation's biggest killers, and with concerned people like these and their contributions, we can soon have it under control. We also congratulate Margo Mickelson and Stephen Greenhalgh for the fine job they did in organizing the n in Juab County. We at J and Society-sponsore- Bike-a-Tho- d n Bike-a-Tho- IM HAM&oftsefcfc Mrs. Frank V. Tidwell spent twelve days in Orem recently and daughwith her ter. Mr. and Mrs. Michael Jarrett and their children. While there she also visited with her brother-in-laand sister, Mr. and Mrs. John Holm at Lehi. and with Mrs. Electa Smith at American Fork. to William J. Sorbe visited at the home of his parents Friday night. He was on his way to Salt lake City where he represented the Kane County school district at the UEA conference Grant Kendal of Magna were home of Mrs. during the deer Weekend guests at the home INSURANCE Pay were Mr. and Mrs. Grant Pay and children of Manila ; Mr. and Mrs. Lawrence Stannard of Cottage Grove, Oregon; Mr. and Mrs. H. J. Collard of Heber; and Mr. and Mrs. Jay Beacham of Provo. Five attend Utah State University leader's conference Several women from East attended the Juab County Womens Leadership conference held recently at Utah State University in Logan. Attending from this area were Deanna Egbert, USU home extension agent; Decima Jacobsen and Myra Kay of the Stake Relief Society ; Virginia Howard of the Farm Bureau; and Ann clubs and Garbett. of the relief Society. The women received information about clothing, home management, family relations, car insurance, and consumer agencies. protect Dr. Denaris Bradish from Arizona was the featured speaker at the school. FIRE AUTO HOMEOWNERS FARMOWNERS BONDS LIFE Mr. and Mrs. Clarence Pay spent last week in Salt Lake City where they visited with their and daughter, Mr. and Mrs. Robert J. Coleman and family. CENTRAL UTAH INSURANCE son-in-la- Mr. and Mrs. Roland Beach of Green River were visitors on Sunday at the home of Mr. and Mrs. James L. Painter. Mr. and Mrs. Beach are parents of Mrs. 4-- ( son-in-la- and son Randy visitors at the Verda Kendall hunt. of Mr. and Mrs. William F. baked Freshly hard rolls, extra Nephi News John Bowman and children of Las Vegas, $4,000. prevent systems for raising hogs. Ordinary Expenses. It is possible, of course, to reduce taxable income from purchasing supplies in 1973 that will not he used until 1974. However, a deposit made to be applied to future expenses is not deductible. Also, insurance premiums are not paid in advance deduct ible, and only that portion of the premium applicable to the tax year may be deducted in that year. Likewise, advanced payments of rental lor farm land can lie deducted only in the year to which they apply. Thus, rental payments tor 1974 cannot be deducted in 1973 ev en though they may have been paid prior to January 1. x where son-in-la- a in Federal and State income taxes Mr. and Mrs. Orlando Anderson spent Sunday in Gunnison Wednesday visitors at the home of Mr. and Mrs. J. 0. Taylor were their and daughter, Mr. and Mrs. Robert Belliston of Provo. about of years prior Dr. and Mrs. Lee Taylor of Moline, Illinois are visiting in Levan with his brother and sister-in-laMr. and Mrs. Heber Taylor. They are also visiting with other relatives. They came for the funeral services of Mrs. Christine W. Taylor. daughter for Juab County, unless careful planning is done during the next several months, much of this additional income will be absorbed by Federal and State income taxes. Levan News ' agent before the time the product is delivered; should be written in specific terms; and be Also, it must legally AGENCY 33 SOUTH MAIN Left to right, back row: Carolee Jens Mickelson, Mark Greenwood, Kevna McCaffery, Jeff Bean. Second row, Annette Julie White, Chris Wilson, Johnson, Gerald Jarrett. First PEEF STEW'S OLIgS KOT&XZ," DRKSINGgh-or- Chris-Menlov- LARRY PETERSON Agent - Broker Mr. and Mrs. John W. Gadd of Salt Lake City were visitors on Sunday afternoon at the home of Mrs. A. V. Gadd. 623-025- 0 e. W CHILI RAV row, Lisa Eyre, Conley tensen, Allan Lund, Denise Wankier. . 4 DUMP NEPHI. UTAH Painter. mxf HARP 1,000 TEAwre lf go; PEANUTS POPCORN IiHrtaS jgf WPINsIIL1' 39W 3$ CHOCWAIE BOTTERMILKT'f K &At CAlT Country Jim,, cookware -t- he cook's choice WEST BEND vSWjJa, huusv )" BDT PIES vutuftfo lon 0FAN6 JUICE- - elegant with performance that counts W V , I Hi' Ml v.itli Im ,y In ti M ' r Hi' f ' nn iffur r inf . V, Sm, 'ir, 1. il I' ..r Sul, ' K .V ti )! . " t ' u , V, . i.,- : V !, ' uiv .t H Mi i. .. v ft !... m H, i I' ,1 , 'li ... in, n .i i, m - I... . AVOCADO ,r- .,t mi H.r CaWJA COFFEE 3 QcoO ofitUf AT 6A SKPRES AZOV. V JO f'73 V 4 lb Gooo OACY AT z54 HARVEST n Ml ' PLUMBING & BUILDERS SUPPLY 66 South Main - Phone - Nephi J 4--D 9 TAMPONS (3RD PANS BISCUIT PANS i,. 623-119- KOTBX COOKIE. INTERIOR i 4ocL 56 EAST CENTER - NEPHI S 2ST3 a c 73 Afoo- Spj'JiHIhHm'lHJ-hlgg- 8 iti r. nnnn t i,..i A 4 I. ST dlk $39.95 n- a m etpiRes. StesSBir HASH-BROWN- S colorful 3ooD OAJOAT - IGA' O PHONE 623-11- 31 |