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Latest revision as of 23:15, 18 October 2026
A credit is allowed for foreign income taxes paid or accrued. The finance is limited to that particular part of Ough.S. tax due to foreign source income. It's not refundable, but any excess credit become carried to other years to reduce tax. Contributing a deductible $1,000 will lower the taxable income from the $30,000 each and every year person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For your $100,000 annually person, his taxable income decreases from $90,650 to $89,650 and saves him $280 (=28% of $1000) - almost double the amount!
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