Tax Blog

Our tax blog is dedicated to CFOs, Tax Directors and Business Owners looking to improve profitability, grow their business or implement a succession plan. At Armanino, we see the tax function as a key strategic tool—as nothing less than a vital means of moving you and your company forward. While we excel in making sure our clients meet regulatory requirements—both domestic and global—that just scratches the surface of what we do.

December 28, 2016

Few Changes to Retirement Plan Contribution Limits for 2017

Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2017. The only limit that has increased from the 2016 level is for contributions to defined contribution plans, which has gone up by $1,000. Type of Limit 2017 Limit Elective deferrals to 401(k), 403(b), 457(b)(2) …

November 9, 2016

There’s Still Time to Set Up a Retirement Plan for 2016

Saving for retirement can be tough if you’re putting most of your money and time into operating a small business. However, many retirement plans aren’t difficult to set up and it’s important to start saving so you can enjoy a comfortable future. So if you haven’t already set up a tax-advantaged plan, consider doing so …

October 4, 2016

Tax-Smart Options for Your Old Retirement Plan When You Change Jobs

There’s a lot to think about when you change jobs, and it’s easy for a 401(k) or other employer-sponsored retirement plan to get lost in the shuffle. But to keep building tax-deferred savings, it’s important to make an informed decision about your old plan. First and foremost, don’t take a lump-sum distribution from your old …

August 9, 2016

3 Strategies for Tax-Smart Giving

Giving away assets during your life will help reduce the size of your taxable estate, which is beneficial if you have a large estate that could be subject to estate taxes. For 2016, the lifetime gift and estate tax exemption is $5.45 million (twice that for married couples with proper estate planning strategies in place). …

July 26, 2016

Should You Make a “Charitable IRA Rollover” in 2016?

Last year a break valued by many charitably inclined retirees was made permanent: the charitable IRA rollover. If you’re age 70½ or older, you can make direct contributions—up to $100,000 annually—from your IRA to qualified charitable organizations without owing any income tax on the distributions. Satisfy Your RMD A charitable IRA rollover can be used …

July 5, 2016

3 Mutual Fund Tax Hazards to Watch Out For

Investing in mutual funds is an easy way to diversify a portfolio, which is one reason why they’re commonly found in retirement plans such as IRAs and 401(k)s. But if you hold such funds in taxable accounts, or are considering such investments, beware of these three tax hazards: 1. High turnover rates. Mutual funds with …

May 31, 2016

Stock Market Volatility Can Cut Tax on a Roth IRA Conversion

This year’s stock market volatility can be unnerving, but if you have a traditional IRA, this volatility may provide a valuable opportunity: It can allow you to convert your traditional IRA to a Roth IRA at a lower tax cost. Traditional IRAs Contributions to a traditional IRA may be deductible, depending on your modified adjusted …

December 28, 2015

No Changes to Retirement Plan Contributions for 2016

Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, the limits remain unchanged for 2016: Type of limit 2016 limit Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans $18,000 Contributions to defined contribution plans $53,000 Contributions to SIMPLEs $12,500 Contributions to IRAs $5,500 Catch-up contributions to 401(k), 403(b), 457(b)(2) and …