Declaring Back Taxes Owed From Foreign Funds In Offshore Accounts

A credit is allowed for foreign income taxes paid or accrued. The financing is limited to that part of U.S. tax due to foreign source income. It is not refundable, but any excess credit can be carried to other years to reduce tax. If you add a C-Corporation as part of your business structure you are able to reduce your taxable income and therefore be qualified for some of those deductions that your current income is too high. Remember, a C-Corporation is individual individual tax payer.

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If you don't pay your loan back quickly though, could really wind up costing anyone.