A Past Of Taxes - Part 1

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A credit is allowed for foreign income taxes paid or accrued. The credit is limited to that particular part of You.S. tax due to foreign source income. It is far from refundable, but any excess credit may be carried to other years to reduce tax.

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2) An individual participating in your company's retirement plan? If not, why not? Every dollar you contribute could reduced taxable income minimizing your taxes to trainer.

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