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Foreign Tax Credit

Did you accrue foreign taxes to a country outside of the US but are subject to US tax on the same income? Did you know that you may be able to qualify for either a credit or a deduction on those taxes? If you meet the following, you might qualify for a Foreign Tax Credit.

-The taxes must be imposed on you
-You must have paid or accrued the tax
-The tax must be the legal and actual foreign tax liability
-The tax must be an income tax

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