Here’s How the One, Big Beautiful Bill Act Changes Tax Planning After Filing Season
Tax filing season may feel like the end of the process, but it can also be the start of smarter planning for next year. Here are five tax moves to consider now.
Filing your taxes may feel like the end of the process, but it can also be the start of smarter planning for next year. The One, Big, Beautiful Bill Act (OBBBA) changed several tax rules that may affect what is worth doing during the year, not just at filing time.
The OBBBA did not completely change the tax picture, but several deductions and thresholds have changed. The standard deduction remains high. The rules around itemized deductions are tighter in some areas. Charitable giving works differently than it did before. State and local tax (SALT) deductions may offer more room than they used to, but only in some situations.
Here are five steps that can help you make tax decisions earlier in the year and coordinate them more intentionally.
Step One: Decide whether to itemize or not
For many households, this is still the first planning decision to make. Under the OBBBA, the standard deduction remains relatively high, which means many taxpayers may still find that itemizing does not add much value.1 At the same time, the higher temporary SALT cap may make itemizing more relevant again for some households, especially if they live in states with high income or property taxes.
The key is to make that call early enough to act on it. If itemizing is likely to make sense, start tracking deductible expenses now instead of trying to reconstruct them later. That may include charitable gifts, state and local taxes, and medical expenses. It could also mean accelerating deductions at year-end depending on your tax situation in 2027.
Step Two: Rethink charitable giving
The new rules changed charitable planning in two important ways. For people who do not itemize, charitable giving may now offer at least some tax benefit. For people who do itemize, the deduction may be harder to access in full, which means smaller annual gifts may not work the same way they did before.2
In most cases, it will make sense to bunch several years of giving into one year rather than spread donations evenly. Additionally, it may make sense to give more in a year when income is higher or in a year when itemizing already makes sense for other reasons.
Step Three: Manage income timing, not just income level
Under the OBBBA, timing may matter more because several tax benefits now depend more directly on year-by-year thresholds and deduction choices. For people with flexibility around bonuses, equity compensation, Social Security timing, Roth conversions, or business income, it may be worth thinking about when income is recognized. For those over 65 this is particularly important. If it’s possible to keep income below $175,000 single / $250,000 married filing jointly it means a potential additional deduction up to $6,000 per person for the next 3 years.
Step Four: Use tax-advantaged accounts more intentionally
Tax-advantaged accounts are still one of the clearest ways to reduce taxes or improve long-term flexibility, but under the new rules, it may make sense to use them more deliberately. If the return you just filed showed that you landed near an important threshold, missed out on itemizing, or did not get as much value from deductions as expected, accounts like retirement plans and HSAs may deserve a closer look.
The advantage of acting now is that you still have time to adjust. You may be able to revisit contribution levels, think more carefully about traditional versus Roth contributions, or decide whether other tax-advantaged accounts should play a larger role this year.
Step Five: Don’t ignore state and local tax planning
The higher SALT cap may create more deduction room than before, but that does not mean everyone benefits equally. The value still depends on whether you itemize, how high your income is, and how state and local taxes fit into the rest of your deduction picture. For example, the SALT deduction begins to phase down from $40,000 to $10,000 at income levels of $500,000 for married and $250,000 for single filers.
That is why state and local tax planning deserves attention. If the higher cap could make itemizing more worthwhile for you, it may be worth revisiting withholding, estimated payments, and the timing of deductible taxes. And if you live, work, or invest across multiple states, coordination matters even more, because the benefit of the deduction may depend on where income is earned and how those tax payments line up over the year.
Tax planning is now a year-round exercise
One of the clearest takeaways from the new rules is that tax planning is becoming less about last-minute moves and more about better decisions throughout the year.
A practical next step is to review the return you just filed and ask a few simple questions. Did you itemize, or did the standard deduction make more sense? Did charitable giving produce the result you expected? Was your refund or balance due a sign that withholding should change? Are retirement or HSA contributions worth revisiting now rather than later? Those are exactly the kinds of questions that can help reduce surprises and give you more control over next year’s outcome.
At Corient, we help individuals and families connect tax planning to the rest of their financial lives so that filing season becomes a source of insight, not just a deadline.
ABOUT THE AUTHOR
Neil Teubel
Neil is a Partner and Head of Wealth Planning at Corient. He oversees the entire team of planning experts across the country. He designs and manages the firm’s wealth planning vision and strategy with the goal of ensuring clients receive comprehensive expertise and have a unique experience. Neil believes in the critical importance of having an integrated wealth experience and finds it rewarding to help clients navigate the complexities of wealth to achieve their goals. Prior to Corient, Neil’s experience includes positions with legacy firm Balasa Diverno Foltz (BDF). He holds bachelor’s and master’s degrees in financial planning and is a CERTIFIED FINANCIAL PLANNER® professional. Neil and his wife, Jenny, have three young kids and when he’s not in the office, you can find him golfing, hiking, renovating houses, or running after Sienna, Cole and Ford.
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