Last week, Wright Ford Young & Co. (WFY) had the opportunity to be a Silver Star Sponsor at Mary Star High School’s 2025 Golf Classic. Although the school itself is fairly new, equipment and other required factors for different sports under the athletics program become forgotten. This tournament helped raise money to improve and maintain facilities, hire and retain talented coaches, purchase equipment and uniforms sports, and more for Mary Star’s athletics program. WFY continuously makes the effort to support our local community and schools like Mary Star High School so we can help improve the lives of
Read More
Monthly Archives August 2025
What You Need to Know About Individual Tax Law Changes in the “One Big Beautiful Bill Act”
Effective Starting: January 1, 2026 (unless otherwise noted) President Trump signed the much-anticipated One Big Beautiful Bill Act (OBBBA) into law—a sweeping tax reform package aimed at simplifying the tax code, supporting American families, and encouraging investment. This legislation brings several key changes to individual income taxes, with adjustments that impact everyone from working professionals to retirees and high-net-worth households. Below is a breakdown of the major individual tax changes included in the bill: Standard Deduction Increased The standard deduction has been significantly increased, making it more beneficial for most taxpayers to skip itemizing for tax years beginning in 2024:
Read More
Thinking of Selling Your Second Home Tax-Free? This IRS Rule Could Limit Your Exclusion
Thomas S. Kim, CPA Tax Partner If you’re thinking about selling your second home or vacation property, you may have heard that moving in for two years can help you avoid paying taxes on the gain under the Section 121 exclusion. While that strategy used to be effective, a lesser-known rule added in 2009 could significantly reduce the tax benefit you’re expecting – unless you plan ahead. Here’s what you need to know before putting up the “For Sale” sign. The Traditional Benefit: The Section 121 Exclusion Under IRC §121, a taxpayer can exclude up to $250,000 of capital
Read More