With War, IRS Gives Automatic Extensions, According to TaxCents.

Business Editors

Topical News: War On Terrorism

PHOENIX--(BUSINESS WIRE)--March 24, 2003

Tax Strategist Advises Our Armed Forces on Tax Deferrals and

Extensions; Wives at Home Intended to Benefit from Additional Tax

Filing Relief

War is underway and while troops are overseas defending our country, the IRS is providing these men and women with one less thing to worry about -- taxes.

According to Diane Kennedy, CPA and renowned tax strategist, "The IRS offers automatic deadline extensions to qualified Armed Forces serving in combat and in hazardous duty areas. The government wants to make sure that these dedicated men and woman receive critical financial support when their families need it the most."

Kennedy explains that under IRS regulations, the deadline is automatically extended for many in the Armed Forces in regards to filing tax returns, paying taxes, filing claims for a refund, and taking specific action with the IRS. Active duty reservists and new enlistees also benefit from a deferral of taxes owed during military service; however, this extension must be applied for to receive benefit.

"Temporary tax relief gives critical financial flexibility to the families of the 250,000 military personnel deployed overseas today," Kennedy says. "Each and every person in the military leaves behind a family struggling with additional burdens of day-to-day life. These specialized tax benefits enable the IRS to provide financial support and while giving the families additional peace of mind."

Kennedy further explains that women are most likely to experience a negative financial impact during wartime. "The wives and mothers left behind may be forced to return to work or get a second job to make up for lost income and increased child care expenses. The monetary and emotional burden can be overwhelming. These tax breaks were designed to help alleviate this financial crisis."

Kennedy advises military personnel or their families who may qualify for these benefits to contact their local IRS office or 1-800-TAX-FORM to receive Publication 3, Armed Forces' Tax Guide.

Diane Kennedy, CPA-Tax Strategist, shares secrets of the wealthy in "Loopholes of the Rich: How The Rich Legally Make More Money & Pay Less Tax." She is co-owner of TaxCents(TM), a tax education company designed to encourage individuals to make informed tax-advantaged financial decisions from a position of power and knowledge. Kennedy is also the founder and owner of DKA, a leading tax strategy and accounting firm based in Phoenix, AZ, and co-host of WealthTalkAmerica, a nationally syndicated radio show. At www.taxloopholes.com TaxCents offers books, tapes, seminars and the latest in what's hot in tax loopholes. 1-866-TAXCENTS.