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A credit is allowed for foreign income taxes paid or accrued. The financial lending is limited for that part of Ough.S. tax due to foreign source income. It's not refundable, but any excess credit can be carried to other years to reduce tax. Remember, an individual exemption of $3650 isn't 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.

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For example, purchase under reported income falsely, you cannot wipe out the debt after getting caught. Congress finally acted on New Year's Day, passing the "fiscal cliff" law. This law extended the existing tax rate structure for single taxpayers with taxable income of compared to USD 400,000, and married taxpayers with taxable income of less than USD 450,000. For those with higher incomes, the top tax rate was increased to twenty.6% These limits are determined with the foreign earned income difference.

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