Core Points - The One Big Beautiful Bill Act introduces significant tax changes for Americans, with many provisions effective in 2026 and some in 2025, prompting financial experts to advise proactive measures to enhance financial positions [1] Group 1: Charitable Giving - Taxpayers who itemize will lose deductions on the first 0.5% of their adjusted gross income (AGI) given to charity starting in 2026, which is a critical change [2] - For example, with an AGI of $100,000, the first $500 donated will not be deductible, and at $200,000 AGI, the first $1,000 will not provide any tax benefit [2] - Financial advisors recommend bundling multiple years of charitable donations into 2025 through a donor-advised fund (DAF) to maximize deductions and avoid capital gains taxes on appreciated securities [3] - Non-itemizers will receive a new above-the-line deduction of $1,000 for individuals and $2,000 for married couples filing jointly, applicable only to public charities [4] Group 2: Tax-Loss Harvesting - The tax law did not change capital gains treatment, allowing tax-loss harvesting strategies to remain effective [5] - By selling losing investments by December 31, taxpayers can offset gains and up to $3,000 of ordinary income [5] - Investors must be cautious of the wash-sale rule, which disallows losses if substantially identical stocks or securities are repurchased within 30 days before or after the sale [5]