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

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

   The foreign tax deduction applies to all taxes paid to a foreign country including VAT, sales taxes and property taxes. And for individuals working abroad, the Foreign Earned Income Exclusion ...

3. Foreign earned income exclusion - Wikipedia

   en.wikipedia.org/wiki/Foreign_earned_income...

   The maximum exclusion is $130,000 for tax year 2025 (future years indexed for inflation). [3] The amount of exclusion that a taxpayer is entitled to is equal to the lesser of foreign earned income for the year or the maximum exclusion, divided by the total number of days (365 or 366) in the year times the number of "qualifying days".

4. International taxation - Wikipedia

   en.wikipedia.org/wiki/International_taxation

   A new income tax law, passed in 1997 and effective 1998, determined residence as the basis for taxation of worldwide income. [168] The Philippines used to tax the foreign income of nonresident citizens at reduced rates of 1 to 3% (income tax rates for residents were 1 to 35% at the time). [169]

5. Taxation in the United States - Wikipedia

   en.wikipedia.org/wiki/Taxation_in_the_United_States

   State rules vary widely regarding to individual itemized deductions. Most states do not allow a deduction for state income taxes for individuals or corporations, and impose tax on certain types of income exempt at the federal level. Some states have alternative measures of taxable income, or alternative taxes, especially for corporations.

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

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

   The post Pros and Cons of Taking a Foreign Tax Credit vs. Deduction appeared first on SmartReads by SmartAsset. For U.S. citizens with foreign income, knowledge of foreign tax credits and ...

7. Foreign tax credit - Wikipedia

   en.wikipedia.org/wiki/Foreign_tax_credit

   For example, US tax law requires individuals to reduce the foreign income tax by the ratio of the rate differential on dividends (39.6% less 20%) to the maximum individual tax rate (39.6%). [59] Some countries have at times allowed shareholders a credit against the shareholder's tax for taxes paid by the corporations. [ 60 ]

8. IRS sets higher standard deduction, new tax brackets for 2025

   www.aol.com/irs-sets-higher-standard-deduction...

   The standard deduction will go up to $15,000 for 2025 tax returns — up $400 from 2024 − for single taxpayers and married people filing separately.. The standard deduction climbs to $30,000 − ...

9. 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 ...