A credit is allowed for foreign income taxes paid or accrued. The loan is limited to that particular part of Ough.S. tax due to foreign source income. It is far from refundable, but any excess credit can be carried to other years to reduce tax. Rule 1 . - Is actually your money, not the governments. People tend to execute scared when it is to tax returns. Remember that you would be one creating the value and because it's business work, be smart and utilize tax methods to minimize tax and impr...