Core Points - The "One Big Beautiful Bill" introduces new tax provisions that will have immediate effects on taxpayers retroactive to the beginning of the year [1] Group 1: Taxpayer Actions - Taxpayers should update their 2026 tax estimates to reflect new permanent deductions, including breaks for tips and overtime pay, a higher SALT deduction limit, and the return of the 20% small-business deduction [3] - It is advisable for taxpayers to compare the benefits of itemizing deductions against the standard deduction, especially with the new $40,000 cap on SALT deductions, which is adjusted annually for inflation [4][5] Group 2: Small Business Implications - Small-business owners can benefit from the 20% qualified business income deduction as a permanent tax break, allowing them to discount eligible profits [6] - The removal of limits on the pass-through entity tax deduction provides more flexibility for small businesses to reduce state taxes, with retroactive relief opportunities available for those with receipts under $31 million for 2022 and 2023 [7] Group 3: Energy Projects - Taxpayers involved in energy-efficient buildings or renewable energy projects should expedite qualifying projects under sections 45L and 179D before June 30, 2026 [8] - Wind and solar projects must be operational by the end of 2027 to qualify for full benefits, and businesses should carefully time the construction of new industrial facilities to take advantage of permanent 100% bonus depreciation [9]

Tax Policy Updates & Impacts - The 2017 Tax Cuts and Jobs Act has implications for federal income tax brackets, standard deductions, and state and local tax (SALT) deductions [1] - New federal and gift estate tax rates affect clients [1] - Changes to inherited IRA laws require potential heirs to be informed [1] Tax Management Strategies - Strategies for managing tax liability in retirement include withdrawal strategies, Roth conversions, and charitable contributions [1] - Estate planning strategies, such as annual gifts and the lifetime estate tax exemption, can help efficiently transfer wealth [1] - Fidelity suggests considering Roth conversions as a tax management strategy [1] - Tax-efficient withdrawal strategies are available for retirement income [1] - Trusts can be used to help manage taxes [1] Investment & Business Tax Considerations - Special tax considerations exist for small business owners [1] - Strategies can help reduce taxes on investment income [1] - Strategies can help reduce taxes on mutual fund shares [1] - Tax planning should be incorporated into wealth strategy [1]

A First Look At The New Tax Form For Claiming Deductions For Tips, Overtime, Car Interest And Seniors https://t.co/U7qlN3b6TQ https://t.co/wrXOMCjKO9 ...

A First Look At The New Tax Form For Claiming Deductions For Tips, Overtime, Car Interest And Seniorshttps://t.co/F3xcZPNcO8 https://t.co/arNfKftyUK ...