Offshore Business - Pay Low Tax

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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 is far from refundable, but any excess credit the carried to other years to reduce tax.

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Remember, a personal exemption of $3650 is not deducted on tax but on your taxable income. Say for example your filing status is 'married filing jointly' with original taxable income of $100,000. This gives you under the marginal tax rate of 25%. Therefore the money you will save on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For you and your spouse, that are multiplied by two in which means you save $1825.

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