With War, IRS Gives Automatic Extensions, According to TaxCents.Business Editors Topical News: War On Terrorism Terrorist acts and the threat of Terrorism have occupied the various law enforcement agencies in the U.S. government for many years. The Anti-Terrorism and Effective Death Penalty Act of 1996, as amended by the usa patriot act PHOENIX--(BUSINESS WIRE)--March 24, 2003 Tax Strategist Advises Our Armed Forces on Tax Deferrals tax deferral The delay of a tax liability until a future date. For example, an IRA may result in a tax deferral on the amount contributed to the IRA and on any income earned on funds in the IRA until withdrawals are made. 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 An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. is providing these men and women with one less thing to worry about -- taxes. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Diane Kennedy Diane Kennedy is an American CPA, speaker, and financial writer. She is the author of The Wall Street Journal and Business Week bestsellers, Loopholes of the Rich and Real Estate Loopholes. , CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. 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 deferral - Waiting for quiet on the Ethernet. 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 DKA abbr. diabetic ketoacidosis DKA Diabetic ketoacidosis, see there , 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. |
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