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• 10:35, 8 January 2026 LayneReyes1 talk contribs created page Don t Understate Income On Tax Returns (Created page with "<br>A credit is allowed for foreign income taxes paid or accrued. The credit is limited compared to that part of You.S. tax due to foreign source income. It is far from refundable, but any excess credit can be carried to other years to reduce tax.<br><br>Contributing a deductible $1,000 will lower the taxable income for this $30,000 each and every year person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For that $100,000 per annum person, his taxable i...")