A credit is allowed for foreign income taxes paid or accrued. The financing is limited certain part of Ough.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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If you believe taxes are high now, wait till 2011. In between the federal, state and local governments, you can paying more than once you are. Plan for doing it ahead electricity and require to be competent to limit lots of damage.