Truth Induced Financial

The IRS requires contemporaneous records to prove deductions and credits. That means you can't go back later to get a copy of a receipt you forgot. Here are some tips.

Understanding Tax Terms: Contemporaneous Records - Everyone needs to know what this means! The Internal Revenue Service has a vocabulary of their own. One of the more important is their use of the word contemporaneous. What does it mean, and why should you care?

Know when to keep or throw out your tax records. Here is what you need to know.

Those Pesky Records! - What do I need to keep? Know when to hold them. Know when to toss them. Tax record retention basics can be found here.

Think the estate tax won't impact you? Think again. Here is what you need to know.

Estate Taxes: What EVERYONE Should Know Too many taxpayers ignore estate taxes because they think it will not impact them. Do this at your own peril. Here is what you should know.

Planning for retirement? Don't get caught off guard by these potential tax surprises.

Tax Surprises for the Newly Retired Rebalancing your portfolio when you get older makes sense. So does anticipating for these possible tax surprises during your retirement years.

To claim the head of household filing status you cannot be married, you pay half the cost to keep up your home and you have a qualifying person living with you for at least half the year.

Understanding Tax Terms: Head of Household The head of household filing status is often misunderstood and overlooked. The IRS provides three requirements that need to be met in order to claim. Does it make sense for you?