ECS ARTICLES & NEWS

Discover how to prepare your sales tax return with confidence and efficiency – plus learn how ECS Financial Services can help you simplify filings, stay compliant, and achieve financial peace of mind.

Property taxes are one of the largest ongoing expenses for homeowners — yet many pay them without verifying the accuracy of their assessments. If your home’s assessed value is too high, you may be overpaying. Here’s how to review and challenge your property tax assessment effectively: Steps to Review Your Property Tax Assessment 1. Understand How the Assessment Is Calculated Assessments are often based on a percentage of your home’s market value — not the full value itself. C

We wanted to make you aware of another  new provision in the 2025 federal tax law that may impact high-income individuals who itemize deductions—especially those making charitable contributions. As you may know, starting in 2026, a floor was added to charitable deductions meaning if you itemize, you will no longer get a deduction on the first 0.5% of your AGI for charitable contributions.    Additionally, starting in 2026, a new rule known as the “2/37th limitation” will redu

The One Big Beautiful Bill Act (OBBBA) reshapes many traditional tax strategies and introduces new opportunities for businesses to reduce 2025 federal taxes. Here are the most impactful areas to review before year-end. 1. Capital Asset Investments Year-end asset purchases remain one of the strongest tax-reduction tools—and the OBBBA makes them even better for 2025. 100% Bonus Depreciation Restored: Assets acquired and placed in service after January 19, 2025 qualify for perma

With major changes from the One Big Beautiful Bill Act (OBBBA) taking effect, now is the time to review strategies that may reduce your 2025 tax liability.   1. Reevaluate the Standard Deduction For 2025, the standard deduction increases to: $15,750 (Single/MFS) $23,625 (Head of Household) $31,500 (Married Filing Jointly) Add-ons apply for taxpayers 65+ or blind. However, expanded deductions—especially the SALT deduction—may make itemizing more beneficial again. You may want

On June 16, 2025, Illinois enacted H.B. 2755, a sweeping tax bill that introduces significant changes impacting corporate taxpayers, pass-through entities, and manufacturers operating in the state. Below is a summary of the most notable provisions you should be aware of: Beginning with tax years ending on or after Dec. 31, 2025, Illinois will allow a 50% deduction for GILTI (Global Intangible Low-Taxed Income).This replaces the prior 100% dividend-received deduction (DRD) for