Paying Taxes Can Tax The Best Of Us: Difference between revisions
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Revision as of 20:27, 4 September 2026
A credit is allowed for foreign income taxes paid or accrued. The credit is limited for that part of Oughout.S. tax due to foreign source income. It's not refundable, but any excess credit can be carried to other years to reduce tax. A personal exemption reduces your taxable income so you find yourself paying lower taxes. You could be even luckier if the exemption brings you with a lower income tax bracket. For the year 2010 it is $3650 per person, equal to last year's amount.
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