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A credit is allowed for foreign income taxes paid or accrued. The loan is limited to that part of You.S. tax due to foreign source income. It's not refundable, but any excess credit become carried to other years to reduce tax.
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If you add a C-Corporation for your personal business structure you can lessen your taxable income and therefore be qualified for a few of these deductions that your current income as well high. Remember, a C-Corporation is some individual taxpayer.
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