Show Farm Tax Time Darrell Stokes Davis County County County Coun Coun- ty Extension Agent says that since most Utah farmers use the calendar year as their tax year a lot of midnight oil is beginning to burn as f farmers add up columns hunt receipts make decisions on how to handle items for tax purposes and do a lot of uh head d scratching in general LLOYD A. A CLEMENT extension extension extension ex ex- ex- ex tension economist with Utah State University comments that changes in forms andrules and andrules andrules rules from last y year r complicate complicate complicate com com- plicate the task The taxes reform bill signed by President President President dent Richard Nixon shortly before the end of December contains many changes affecting affecting affecting af af- af- af individual income taxes Though most do not affect this years year's taxes several important provisions affect the farmers' farmers 1969 tax y year r. r Deadline for filing a farm income tax return was March 2 since March 1 falls on a Sunday Farmers had two months after the close of their tax year to summarize their records and prepare their income tax returns For those needing more time it I Iwas was possible to file an estimate estimate estimate esti esti- mate by Jan 15 to delay dealine on the tax return until April 15 MR CLEMENT pointed out that investment credit cannot be taken on items purchased after midnight April 18 1 1969 This part of the law was retroactive Persons who bought items last spring should check to see if their commitment to purchase an item was made before April 18 and if such commitment qualifies the item for investment investment investment invest invest- ment credit even though the item was not delivered until after April 18 With a new set of tax forms taxpayers are to use the 1040 1440 as a base and add other schedules as necessary to fit their particular tax situation Many farmers will use the following forms 1041 1441 Tax Form Return A Itemized Deductions Dont Don't use if standard deduction deduction deduction deduc deduc- tion is taken B Capital Gains or Loss- Loss ess esse D Capital Gains or Loss- Loss ess esse esseE E Supplemental and Miscellaneous Miscellaneous Mis Mis- Miscellaneous Income rental income in income income in- in come etc F Farm Income and Ex Ex- SF Social Security Self Sel Employment Tax T Tax Computation Investment Credit for items purchased before e April 18 MR STOKES advises that tha thata t a copy of the Farmers T Tax m Guide is available at th the e Davis County Extension office offic e at the Courthouse in Farm Farm- ington bm a |