Paying Taxes Can Tax The Best Of Us

From Dark Warriors Wiki

A credit is allowed for foreign income taxes paid or accrued. The credit is limited for that part of Oughout.S. tax due to foreign source income. It is not refundable, but any excess credit end up being the carried to other years to reduce tax.

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Conversely, earned income abroad, and a second income from foreign securities, rental, or other suggestions abroad, could be excluded from U.S. taxable income, or foreign taxes paid thereon, could be as credits against Oughout.S. taxes due.

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