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For over 25 years, Rubino & McGeehin has provided outstanding public accounting, tax advisory services, regulatory consulting, and financial services to clients in the Washington, DC, metropolitan area and nationwide.

 

Year-End Tax Strategies
The economic turmoil over the past year has been painful, to say the least. The federal income tax environment, however, is very favorable but not likely to stay that way for long. Now is a good time to focus on last minute tax strategies that might save you some money in the long run.

The ABCs of Deferred Compensation
A deferred compensation agreement is any plan or agreement in which an employer promises to pay an amount to an employee at some point in the future for past, present, or future services. As a result, the compensation is generally paid after the services are performed. This arrangement can provide an additional incentive to attract or retain key employees.

Kiddie Tax Update
Now is a good time to review the "kiddie tax" rules. We received surprised reactions from several individuals when we informed them of the amount of tax their "children" owed, and we realized that not everyone were up-to-date on changes to the law. Several people still believed that children over age 14 were exempt from "kiddie tax." Not so.

 




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