A credit is allowed for foreign income taxes paid or accrued. The finance is limited certain part of Ough.S. tax due to foreign source income. It is not refundable, but any excess credit become carried to other years to reduce tax. There are two terms in tax law that need regarding readily knows about - Xnxx and tax avoidance. Tax evasion is a thing. It takes place when you break the law in an effort to not pay taxes. The wealthy people who have been nailed for having unreported Swiss ban...