Smart Tax Saving Tips: Difference between revisions
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Latest revision as of 21:59, 18 October 2026
A credit is allowed for foreign income taxes paid or accrued. The loan is limited to that particular part of You.S. tax due to foreign source income. It's not at all refundable, but any excess credit may be carried to other years to reduce tax. A personal exemption reduces your taxable income so you get paying lower taxes. You might be even luckier if the exemption brings you together with lower income tax bracket. For the year 2010 it is $3650 per person, lanciao same in principle as last year's amount.
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