How To Deal With Tax Preparation: Difference between revisions
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Revision as of 01:42, 2 March 2025
A credit is allowed for foreign income taxes paid or accrued. The finance is limited to that part of U.S. tax due to foreign source income. It's not refundable, but any excess credit become carried to other years to reduce tax.
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Large corporations use offshore tax shelters all time but they do it rightfully. If they brought a tax auditor in and showed them everything they did, if the auditor was honest, though say the relationship is perfectly okay. That should also be your test. Ask yourself, an individual are brought an auditor in and showed them all you did you reduce your tax load, would the auditor always be agree anything you did was legal and above blackboard?
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