How To Handle With Tax Preparation: Difference between revisions

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A credit is allowed for foreign income taxes paid or accrued. The credit is limited to that particular part of You.S. tax due to foreign source income. It isn't refundable, but any excess credit become carried to other years to reduce tax.

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If you claim 5 personal exemptions, your taxable income is reduced another $15 thousand to $23,500. Your income tax bill is will be approximately 3,000 dollars.

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