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
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Posts by Chanelle Bosert
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:
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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
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New Additions Join All Three WFY Departments
This month, our firm had new additions join all three of our departments at WFY. We are thrilled to have these new hires join WFY! Lisa Sun Lisa Sun started with WFY this month as our newest Estate & Trust Tax Manager. Lisa has been working in public accounting for over twelve years at firms ranging from small firms to nationwide firms. She specializes in private client services. Outside of the office, Lisa’s hobbies include spending time with family and friends, jiu jitsu, gardening, being active, and baking. Nguyen Pham In mid-July, Nguyen Pham joined our firm as one of
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Director of Business Development Byron Culp Featured in OCBJ Article
At the beginning of July, our Director of Business Development Byron Culp was featured in OCBJ for being welcomed to the Board of Directors at WISEPlace. WISEPlace is an organization that leads the effort of ending homelessness for unaccompanied individuals through housing solutions and empowering wrap-around services that provide a path toward personal self-reliance. Culp has been on the Board of Directors since 2022 and helps unaccompanied women experiencing homelessness through his professional network, fundraising efforts, and community engagement. Click the link below to read the full OCBJ article. On the Move: WISEPlace Welcomes Michael Boos, Erin Giglia,and Byron Culp
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Charitable Contributions: Smart Strategies and Documentation Tips for 2025
Jinhee Park, CPA Tax Manager Charitable giving can make a real difference for your favorite causes—and for your tax bill. Here’s what you need to know about the latest rules, including how to maximize your deduction and what records you’ll need for different types of gifts. Key Deduction Limits for 2025 Cash donations: Deduct up to 60% of your adjusted gross income (AGI) for gifts to public charities. Appreciated assets (like stocks): Deduct up to 30% of your AGI. Standard deduction: $15,000 for single filers and $30,000 for married couples; you must itemize to deduct charitable gifts. Donating Appreciated
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Four New Hires Join WFY
WFY welcomed new additions to our tax department and estate and trust department. We are excited to have these four new hires join our team. Andrea Gonzalez Andrea Gonzalez recently joined our firm as an Estate & Trust Tax Senior. She graduated from San Diego State University in 2021 with a Bachelor’s degree in Business Administration. Andrea has over four years of experience in public accounting. Her background includes bookkeeping and tax primarily with high net worth individuals and real estate pass through entities. Prior to WFY, she worked at another accounting firm and joined WFY to fully specialize her
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How Rental Losses Can Help Offset Your W-2 Wages or Business Income
Thomas S. Kim, CPA Tax Partner When most people think about owning rental property, they focus on the extra monthly cash flow. But there’s another side to rental real estate that’s just as valuable: the potential tax savings that come from rental losses. With the right strategy, certain types of rental losses — often created by depreciation and other deductions — can help reduce your ordinary taxable income, such as W-2 wages or income from a business. However, not all rental losses automatically offset other types of income. The rules depend on how the rental activity is classified for
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‘One Big Beautiful Bill’ Signed Into Law: What It Means for Business Owners and High-Net-Worth Individuals
Richard Huffman, CPA, MST Tax Partner After extensive negotiations Congress has passed and the President has signed into law the ‘One Big Beautiful Bill’ – one of the most comprehensive tax and financial reform packages in recent years. The legislation includes a broad range of provisions affecting business owners and high-net-worth individuals that should be taken into consideration for future tax planning. Here are the key provisions of the final version that we believe are most important to business owners and high-net-worth individuals as follows: Business Owners: Bonus Depreciation Permanently extends the 100% first-year (bonus) depreciation deduction for qualifying
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The One Big Beautiful Bill Act: House v. Senate Comparisons
The One Big Beautiful Bill Act is a sweeping 400-page tax and budget reconciliation proposal. The House passed its version on May 22, 2025, and the Senate Finance Committee released its version on June 16, 2025. Both versions seek to permanently extend or modify expiring provisions of the Tax Cuts and Jobs Act (TCJA) of 2017, while eliminating many green energy credits from the Inflation Reduction Act. Below is a structured comparison of the House and Senate versions: Comparison Chart: House vs. Senate Versions Provision House Version Senate Version Standard Deduction Permanent extension + temporary increases
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