Keogh account -- a tax-deferred trust savings account that allows
self-employed individuals or those who own their own incorporated businesses to
save for their retirement. Savers place a portion of their income each year in
their Keogh account until they reach at least age 59 1/2. Federal income tax on
the deposited funds and the interest they earn is deferred until withdrawals
are begun, presumably when the saver has retired, and is, therefore, in a lower
tax bracket. Employers who establish a Keogh plan for themselves must also make
the benefit available to qualified employees.
Kick-out clause -- a provision of a lease that permits a tenant to
cancel a lease if the landlord fails to comply with stated conditions,
obligations or standards.
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