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A credit is allowed for foreign income taxes paid or accrued. The financing is limited to that particular part of U.S. tax due to foreign source income. It isn't refundable, but any excess credit the carried to other years to reduce tax.

If you purchase a national muni bond fund your interest income will be free of federal income tax (but not state income taxes). Inside your buy a situation muni bond fund that owns bonds from home state this interest income will be "double-tax free" for both federal assuring income fiscal.

Contributing a deductible $1,000 will lower the taxable income for the $30,000 12 months person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For the $100,000 per year person, his taxable income decreases from $90,650 to $89,650 and saves him $280 (=28% of $1000) - almost twice as much!

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