Federal tax law allows deductions for many items, such as legitimate business expenses and charitable donations. But, if you claim deductions on your tax return, you also must maintain adequate records to support them. If your tax return is audited, missing or incomplete records could lead to additional taxes, interest and penalties, as these three…

A power of attorney gives another individual the power to act on your behalf. That power can be limited to a specific activity, such as closing the sale of your home, or can give general duties for a period of time. You can make the power effective immediately or effective upon a future event, such…

  Even if you have a formal estate plan, organizing your personal paperwork and informing heirs of basic decisions will make it easier for heirs to handle your estate after your death. Broaching a Tough Subject With Parents     Estate planning can be a difficult subject to broach with your parents. You don’t want to…