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2. Foreign Tax Credit vs. Deduction: Which Could Get You ... - AOL

   www.aol.com/foreign-tax-credit-vs-deduction...

   For example, if John owed $10,000 in U.S. taxes and had paid $4,000 in foreign taxes, the foreign tax credit could reduce his U.S. tax bill by $4,000. The foreign tax credit helps prevent double ...

3. Foreign tax credit - Wikipedia

   en.wikipedia.org/wiki/Foreign_tax_credit

   A reduction of tax (credit) is often provided in income tax systems for similar income taxes paid to other countries (foreign taxes). [1] [additional citation(s) needed] This is generally referred to as a foreign tax credit. Amounts in excess of income tax are usually nonrefundable. [2]

4. Is There a Limit on Foreign Tax Credits? - AOL

   www.aol.com/finance/limit-foreign-tax-credits...

   The Foreign Tax Credit (FTC) is a non-refundable tax credit designed to alleviate this burden for U.S. citizens who earn income abroad by offsetting taxes paid to foreign governments and reducing ...

5. Child tax credit (United States) - Wikipedia

   en.wikipedia.org/wiki/Child_tax_credit_(United...

   A tax credit enables taxpayers to subtract the amount of the credit from their tax liability. [d] In the United States, to calculate taxes owed, a taxpayer first subtracts certain "adjustments" (a particular set of deductions like contributions to certain retirement accounts and student loan interest payments) from their gross income (the sum of all their wages, interest, capital gains or loss ...

6. Alternative minimum tax - Wikipedia

   en.wikipedia.org/wiki/Alternative_minimum_tax

   Each year, high-income taxpayers must calculate and then pay the greater of an alternative minimum tax (AMT) or regular tax. [9] The alternative minimum taxable income (AMTI) is calculated by taking the taxpayer's regular income and adding on disallowed credits and deductions such as the bargain element from incentive stock options, state and local tax deduction, foreign tax credits, and ...

7. Foreign Tax Credit vs. Deduction: Which Could Get You ... - AOL

   www.aol.com/finance/foreign-tax-credit-vs...

   For U.S. citizens with foreign income, knowledge of foreign tax credits and deductions is a crucial aspect of financial planning. These mechanisms are designed to prevent double taxation – when ...