Many of us have parents or grandparents that bought their homes decades ago for a very low price. The idea of passing on the family home as a large asset without much negative tax consequence may be gone forever.
One of the President’s proposals for his new budget is to take basis back to the original purchase price. Here is an example:
We bought out house for $144k, it recently appraised for $390k. If I assume an annual appreciation rate of 3% that value in 30 years would be $922,000. Upon our death our daughter could sell the house only be taxed on anything she might get over the $922,000 under current law.

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If you are not saving enough for your retirement, the government wants to help you. The myRa retirement savings plan is now open. Here is how it works:
You can contribute a maximum of $5500/year; you cannot exceed a max balance of more than $15,000. Once you exceed $15,000 you must roll your account over to a private sector Roth IRA.
The deposits must go into US Treasury securities. These securities average a 3% interest rate.
Household incomes cannot exceed $191,000 for married couples, $129,000 for an individual.

So if you want to supplement your current retirement savings plan – talk to Uncle Sam – he wants to help you.

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Congratulations! You have retired. For the first time in a long time you will no longer have to pay Social Security or Medicare tax. Now, once you are eligible, you can start receiving those benefits.
On the other hand… you are no longer able to contribute pre-tax to your retirement plan. Not only that, at age 70.5, you will have to start withdrawing from your retirement accounts. Additionally, as much as 85% of your Social Security benefit could be subject to federal income tax depending on your filing status and income.
Confused? Since you no longer have a paycheck with withholding for income tax, you now may have to start paying withholding tax yourself. If you go to www.irs.gov, you can figure out your estimated tax. Do not pay this late as there will be additional penalties.

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Wishing you peace, love, and laughter this Holiday Season and throughout the coming year.

That depends on who you have named as your beneficiary on the HSA. With the Health Savings Account (HSA), you deposit pre-tax dollars into an account for your health care needs. Any earnings on the balance accumulates tax-fee. If your beneficiary is your spouse, he/she can use the dollars just as you would. If your spouse uses the dollars for anything other than health care, ordinary income tax will be owed. If your beneficiary is non-spousal, the HSA dies with you. Your heir will have to withdraw the funds and pay tax on the distribution.

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http://www.clickorlando.com/flashpoint-discusses-how-to-save-on-taxes/30244730

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Tune in to Flashpoint on WKMG Local 6 this Sunday @ 8am. I will be discussing how to save on your taxes for 2014.

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Tune in to WKMG local 6 Monday 12/8/14 @ 6:35 am to hear me discuss this topic.