Tax Attorney In Oregon Or Washington; Does Your Home Business Have One: Difference between revisions
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Revision as of 17:11, 2 October 2026
A credit is allowed for foreign income taxes paid or accrued. The credit is limited to that particular part of U.S. tax due to foreign source income. It isn't refundable, but any excess credit may be carried to other years to reduce tax. Contributing a deductible $1,000 will lower the taxable income on the $30,000 1 year person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For that $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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