Taxpayers who have accrued or paid foreign income taxes in a U.S. possession or foreign country can generally deduct those taxes from their U.S. tax on foreign source income. The foreign...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 11/17/2022
What is a foreign tax credit?A foreign tax credit is a United States tax credit that is used to offset income tax paid abroad. United States citizens and resident aliens who pay income...
Posted by Rosovich & Associates, Inc. on 05/31/2022
In general, if the IRS refuses your statement, it's probably because it contains an error other than a simple mathematical error. The IRS generally corrects mathematical errors...
Posted by Elliot Kravitz, ATP on 11/05/2019
It is safe to call form 1040, the mother of all tax forms, as it is the standard tax form that people will need to report their income to Uncle Sam. In addition, it also comes handy...
Posted by CORE PERFORMANCE on 05/24/2021
Expats, short for expatriates, are people who are based in a country other than their home country. It is sometimes believed that these people have denounced their country and decided...
Posted by CORE PERFORMANCE on 04/26/2021
What are foreign tax credits?Foreign tax credits are non-refundable income tax credits paid to a foreign government because of income tax. The foreign tax credit is available for those...
Posted by Carmen Garcia on 01/26/2021
Foreign Tax Credits are taxes which are non-refundable through the income taxes which have to be paid to the government over the withholdings. It is available for everyone to work...
Posted by J.R.'S TAX SERVICE on 12/10/2018
As years pass by, the global market has expanded even more due to small and mid-size businesses and other business transactions to foreign countries. Along with this significant expansion...
Posted by US and International Business Services on 03/05/2018
Taxes will always be a headache. No matter how familiar you are with the tax laws you will never really be up for Caesar's gnawing demands. The Brian Walsh in Mahwah NJ, we know how...
Posted by Brian Walsh EA on 02/01/2016
