ECS ARTICLES & NEWS

The Child Tax Credit (CTC) provides meaningful tax relief to families with dependent children. While potential legislative changes are still under discussion, as of now, the 2025 Child Tax Credit remains as follows under current law.

The IRS has announced inflation-adjusted limits for employer-provided fringe benefits and flexible spending arrangements for tax year 2025.

If you use your vehicle for business, charitable, medical, or (for military) moving purposes, you may be eligible to deduct your mileage using IRS standard rates.

The American Opportunity Tax Credit (AOTC) provides valuable tax relief for families paying for higher education. It applies to qualified education expenses for an eligible student’s first four years of post-secondary education.

The IRS has announced increases to both the estate tax basic exclusion amount and the annual gift tax exclusion for 2025, reflecting inflation adjustments.

Under the Inflation Reduction Act, individuals can access valuable tax credits when purchasing new or used clean vehicles or installing residential charging equipment. Here's a breakdown of the key credits and how they apply in 2025.