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Revision as of 13:26, 8 May 2026
A credit is allowed for foreign income taxes paid or accrued. The financial lending is limited to that part of You.S. tax due to foreign source income. It's not at all refundable, but any excess credit could be carried to other years to reduce tax.
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If you add a C-Corporation for your personal business structure you are able to reduce your taxable income and therefore be qualified for one of those particular deductions for the purpose your current income is just too high. Remember, a C-Corporation is individual individual individual.
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