Serbinski Accounting Firms

US Tax Chapter 2025

Corporate Beneficial Ownership Information Reporting 2024

Estate Planning for Canadian Situs Property Owned by a U.S. Citizen

Re-Sourcing of Pension Income Received by U.S. Citizens Resident in Canada 2024

International Treatment of Stock Options 2024

<div><strong>Appreciate the good service last year and I look forward to hearing from you.</strong></div>
<div>&nbsp;</div>
<div><em>TN, Houston, TX, 1/20/2025</em></div>

Testimonials

<div><strong>As I mentioned, I've had great experiences working with Mark and the Serbinski Accounting team over the past 10yrs+. &nbsp;They have helped me while I lived in Canada, US and during our transitional phase when my spouse was in Canada and I was in the US. &nbsp;(and I still work with Mark for our yearly tax filings.). Hopefully they can serve you well too!</strong></div>
<div>&nbsp;</div>
<div><em>FC, Palo Alto, CA, 1/20/2025</em></div>

<div><strong>And thank you for your and Marks support managing my US tax returns for the past 10 years.</strong></div>
<div>&nbsp;</div>
<div><em>JC, The Gap, Queensland, AS, 1/14/2025</em></div>

<div><strong>I&rsquo;m reaching out to see if you&rsquo;d be interested in handling both my Canadian and US tax returns for 2024. You did an excellent job preparing my 2022 returns, and I greatly appreciated your thoroughness and professionalism.</strong></div>
<div>&nbsp;</div>
<div><em>GS, Kelowna, BC, 1/8/2025</em></div>

<div><strong>Mark is the best in the business. &nbsp;I&rsquo;ll leave it to you both to get acquainted.</strong></div>
<div>&nbsp;</div>
<div><em>JW, Lexington, MA, 12/4/2024</em></div>

<p><strong><span style="color:#0b4d96;">2020&nbsp;Standard Deductions</span></strong></p>

<ul>
	<li>$ 25,100 - Married Filing Joint Return and Surviving Spouse</li>
	<li>$ 18,820&nbsp;- Head of Household</li>
	<li>$ 12,550 - Single</li>
	<li>$ 12,550 - Married Filing Separately</li>
	<li>$ 1,100 - Dependent Standard Deduction (Min.)</li>
	<li>$ 1,350 - Additional Amount for Age or Blind</li>
	<li>$ 1,750&nbsp;- Additional Amount for Age or Blind (Single, not Surviving Spouse)</li>
</ul>

<p>&nbsp;<strong><span style="color:#0b4d96;">2020&nbsp;Exemptions and Itemized Deductions</span></strong></p>

<ul>
	<li>$ 0 -&nbsp;Personal and Dependent Exemption</li>
	<li>10% - Medical and Dental Expenses (AGI Threshold)</li>
	<li>State and Local Taxes
	<ul>
		<li>$ 10,000 - Married Filing Jointly, Single, Head of Household</li>
		<li>$ 5,000 - Married Filing Separately</li>
	</ul>
	</li>
	<li>Casualty and Theft Losses
	<ul>
		<li>Federal Disaster Losses - Allowed</li>
		<li>Other Losses -&nbsp;Not Allowed</li>
	</ul>
	</li>
	<li>Miscellaneous Itemized Deductions
	<ul>
		<li>Not Subject to 2% of AGI Limit&nbsp; - Allowed</li>
	</ul>
	</li>
</ul>

<p><br>
​​​​​​<strong><span style="color:#0b4d96;">2020&nbsp;Credits, Exclusions, and Other Deductions</span></strong></p>

<ul>
	<li class="rteindent1">Child Tax Credit (Subject to AGI Limits)
	<ul>
		<li class="rteindent1">$ 2,000 - Qualifying Child Under Age 17 (Max.)</li>
		<li class="rteindent1">$ 500 - Other Dependent (Max.)</li>
		<li class="rteindent1">$ 1,400 - Refundable Additional Child Tax Credit (Max.)<br>
		$ 2,500 - American Opportunity Credit (Max.)</li>
	</ul>
	</li>
	<li class="rteindent1">$ 2,000 - Lifetime Learning Credit (Max.)</li>
	<li class="rteindent1">$ 2,500 - Student Loan Interest Deduction (Max.)</li>
	<li class="rteindent1">U.S. Savings Bond Interest Exclusion (MAGI Phaseout Starts)
	<ul>
		<li class="rteindent1">$ 121,600 - Married Filing Jointly</li>
		<li class="rteindent1">$ 81,100 - Single, Head of Household, and Surviving Spouse</li>
	</ul>
	</li>
	<li class="rteindent1">U.S. Savings Bond Interest Exclusion (MAGI Phaseout Ends)
	<ul>
		<li class="rteindent1">$ 151,600 - Married Filing Jointly</li>
		<li class="rteindent1">$ 96,100 - Single, Head of Household, and Surviving Spouse</li>
	</ul>
	</li>
</ul>

<p><strong><span style="color:#0b4d96;">&nbsp;2020&nbsp;Transportation</span></strong></p>

<ul>
	<li>57.5¢ - Standard Mileage Rate</li>
	<li>17¢ - Medical and Moving Mileage Rate</li>
	<li>14¢ - Charitable Mileage Rate</li>
	<li>27¢ - Depreciation Component of Standard Mileage Rate</li>
	<li>$ 287 - High Cost Per Diem Travel Rate (after 9/30/18)</li>
	<li>$ 195 - Low Cost Per Diem Travel Rate (after 9/30/18)</li>
</ul>

<p><strong><span style="color:#0b4d96;">&nbsp;2020&nbsp;HSAs, FSAs, and Coverdells</span></strong></p>

<ul>
	<li>Health Savings Account (HSA) Deductible Contributions (Max.)
	<ul>
		<li>$ 7,200 - Family Coverage</li>
		<li>$ 3,600 - Self-Only Coverage</li>
	</ul>
	</li>
	<li>$ 2,700 - Health Flexible Savings Account (FSA) Contributions (Max.)</li>
	<li>$ 2,000 - Coverdell Education Savings Account Contributions (Max.)</li>
</ul>

<p><strong><span style="color:#0b4d96;">&nbsp;2020&nbsp;Retirement Plans</span></strong></p>

<ul>
	<li>$ 19,500 - Elective Deferral to 401(k), 403(b), 457 and Thrift Plans (Max.)</li>
	<li>$ 13,000 - Elective Deferral to SIMPLE 401(k) and IRA Plans (Max.)</li>
	<li>$ 6,000 - Contribution Limit to Traditional and Roth IRAs (Max.)</li>
	<li>Catch-up Contribution Limits (For Individuals Age 50 and Over)
	<ul>
		<li>401(k), 403(b), 457, and Thrift Plans $ 6,500</li>
		<li>SIMPLE 401(k) and IRA Plans $ 3,000</li>
		<li>Traditional and Roth IRAs $ 1,000</li>
	</ul>
	</li>
	<li>$ 58,000 - Annual Additions to Defined Contribution Plans and SEPs (Max.)&nbsp;</li>
	<li>$ 290,000 - Annual Compensation Limit for Determining Contributions (Max.)</li>
	<li>$ 600 - SEP Minimum Compensation Amount</li>
	<li>$ 230,000 - Annual Additions to Defined Benefit Plans (Max.)</li>
	<li>$ 125,000 - Highly Compensated Employee Threshold</li>
</ul>

<p><strong><span style="color:#0b4d96;">&nbsp;2020&nbsp;Estate and Gift Taxes</span></strong></p>

<ul>
	<li>$ 11,700,000 - Estate &amp; Gift Basic Exclusion Amount</li>
	<li>Annual Gift Tax Exclusion
	<ul>
		<li>$ 15,000 - Per Donee</li>
		<li>$ 30,000 - Split Gifts by Spouses</li>
		<li>$ 155,000 - Gifts to Noncitizen Spouse</li>
	</ul>
	</li>
	<li>40% - Maximum Estate &amp; Gift Tax Rate</li>
</ul>


2020 U.S Quick Tax Facts

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2020 U.S Quick Tax Facts | Serbinski Accounting, International Accountants, US and Canadian Tax Preparation

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