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American Morning

Minding Your Business: Troops and Taxes

Aired April 15, 2003 - 08:53   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


PAULA ZAHN, CNN ANCHOR: It's tax day and Uncle Sam wants you. But what about troops on the front lines? Do they have to answer to the IRS too?
Andy Serwer is "minding your business." He's the man with all the answers this morning.

Good morning.

ANDY SERWER, FORTUNE: Good morning to you, Paula. Jack, how are you doing?

It is tax day. I'm sure both you guys have your taxes done.

ZAHN: We're such good little doobies here this morning.

JACK CAFFERTY, CNN ANCHOR: I love this day. It really is my favorite.

SERWER: I got mine in just two days ago.

What about the troops overseas though? What do they do about taxes? Turns out Uncle Sam does give them a break, thank goodneess.

Here's the bottom line: troops get an extension, 180-day extension, on taxes on filing taxes until they have left combat areas. In other words, so, someone serving overseas until June, say they come back in two months, that means they have until December to file taxes. I think that makes a lot of sense.

The other point is, you get a combat pay exemption. So in other words, you're getting extra pay for serving in a dangerous place like Iraq and Afghanistan. That extra pay, that combat pay is exempt from taxes and I say, amen to that. I bet you do, too.

(CROSSTALK)

ZAHN: So do we know what percentage of people will not have their taxes filed on time?

SERWER: Eight million Americans or 8.5 million Americans will file that extension form.

CAFFERTY: But if you owe money -- if you owe the money, you got to send the money in. SERWER: That's like I need my glasses to find my glasses though, because how do you know how much you pay unless you do your return?

CAFFERTY: That's your problem.

SERWER: Please, I know it.

CAFFERTY: You figure it out and send me the money and we'll worry about the return later.

SERWER: That's right.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com




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Aired April 15, 2003 - 08:53   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
PAULA ZAHN, CNN ANCHOR: It's tax day and Uncle Sam wants you. But what about troops on the front lines? Do they have to answer to the IRS too?
Andy Serwer is "minding your business." He's the man with all the answers this morning.

Good morning.

ANDY SERWER, FORTUNE: Good morning to you, Paula. Jack, how are you doing?

It is tax day. I'm sure both you guys have your taxes done.

ZAHN: We're such good little doobies here this morning.

JACK CAFFERTY, CNN ANCHOR: I love this day. It really is my favorite.

SERWER: I got mine in just two days ago.

What about the troops overseas though? What do they do about taxes? Turns out Uncle Sam does give them a break, thank goodneess.

Here's the bottom line: troops get an extension, 180-day extension, on taxes on filing taxes until they have left combat areas. In other words, so, someone serving overseas until June, say they come back in two months, that means they have until December to file taxes. I think that makes a lot of sense.

The other point is, you get a combat pay exemption. So in other words, you're getting extra pay for serving in a dangerous place like Iraq and Afghanistan. That extra pay, that combat pay is exempt from taxes and I say, amen to that. I bet you do, too.

(CROSSTALK)

ZAHN: So do we know what percentage of people will not have their taxes filed on time?

SERWER: Eight million Americans or 8.5 million Americans will file that extension form.

CAFFERTY: But if you owe money -- if you owe the money, you got to send the money in. SERWER: That's like I need my glasses to find my glasses though, because how do you know how much you pay unless you do your return?

CAFFERTY: That's your problem.

SERWER: Please, I know it.

CAFFERTY: You figure it out and send me the money and we'll worry about the return later.

SERWER: That's right.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com




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