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The British emerged from their diplomatic isolation in 1902 when they formed:
AGI
An income calculation that includes all taxable income and is reduced by specific deductions, instrumental in determining tax obligations.
Foreign Taxes Paid
Taxes paid to a foreign government for income earned in that foreign country, which may be creditable or deductible on a U.S. tax return.
Itemized Deduction
Deductions that taxpayers can claim for certain personal expenses, instead of taking a standard deduction. These can include expenses for healthcare, taxes, interest, and gifts to charity.
Foreign Tax Credit
A nonrefundable tax credit for income taxes paid to a foreign government, aimed at reducing double taxation.
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