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Complications Can Consume the Credit for Taxes Paid to Other States

By Wayne K. Berkowitz
January 31, 2013

The old adage, “Tax loopholes are like parking spaces. As soon as you get there, they aren't there,” has been credited to many sage “tax advisers” ' such as Milton Berle and Joey Adams. That same bit of wisdom can be applied to tax credits. While an available tax credit might seem like a great savings opportunity, as many often are, caution should be your watchword before chasing that credit.

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