Difference between revisions of "Dealing With Tax Problems: Easy As Pie"

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Revision as of 13:37, 22 October 2024

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A credit is allowed for foreign income taxes paid or accrued. The money is limited certain part of Oughout.S. tax due to foreign source income. It is not refundable, but any excess credit may be carried to other years to reduce tax.

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Example: Mary, an American citizen, is single and lives in Bermuda. She earns an income of $450,000. Part of Mary's income will be subject to U.S. tax at the 39.6% tax rate.

If you do a somewhat more research or spend time on IRS website, realize that some come across with different kinds of tax deductions and tax credit cards. Don't let ignorance make you pay more than you must be paying.

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