Is the "One Big Beautiful Bill" actually beautiful for your bank account, or is it just a beautiful mess?This week on Pennywise Financial, we are joined by David Young, CPA (aka "The Tax Colonel") from Young & Associates in Rochester, NY. As a retired Lieutenant Colonel and forensic accountant, David brings military discipline to a tax code that just got a massive overhaul.We’re cutting through the noise of the new legislation. The "No Tax on Tips" and "No Tax on Overtime" headlines sound great, but the fine print on the SALT Cap and Pass-Through Entity rules might be where you lose money if you aren't paying attention.If you are a business owner or high-income earner wondering how the 2025 laws affect your 2026 filings, this is your briefing.IN THIS EPISODE:The "Big Beautiful Bill" Reality Check: What actually passed? Breaking down the new deductions for car loan interest, tips, and overtime—and who actually qualifies.The SALT Cap Trap: The cap is up to $40,000, but if you earn over $500k, you might still be stuck at $10k. We explain why the NY PTE (Pass-Through Entity) Election is still the heavyweight champion of tax strategies for business owners.Retirement & Charity (The QCD Strategy): Hate paying taxes on money you don't need? David explains how to use a Qualified Charitable Distribution (QCD) to satisfy your RMDs, give to charity, and lower your taxable income dollar-for-dollar.Bookkeeping Bootcamp: Why "shoebox accounting" is the fastest way to get audited in the AI era, and why accurate wage reporting is now your first line of defense.Integrity First: David’s philosophy on why "aggressive" tax planning shouldn't mean "illegal" tax planning.ABOUT THE GUEST: David Young is a Partner at Young & Associates, LLP and a retired Lieutenant Colonel (US Army Reserve) with over 30 years of experience. A decorated combat veteran, he applies the principles of integrity, discipline, and strategy to forensic accounting and tax planning. He also serves as the Executive Director of Heart of God Haiti, supporting orphaned children in Haiti.Connect with David Young:Website: https://youngandcompany.net/Phone: 585-427-0210Charity: Heart of God HaitiCHAPTERS: 0:00 - Intro: The Tax Colonel Reporting for Duty 2:30 - The "Big Beautiful Bill": Tips, Overtime & Car Loans 12:45 - The SALT Cap Explained ($40k vs $10k) 21:00 - Why You Still Need the PTE Election 34:15 - The QCD Play: Don't Pay Tax on RMDs 45:00 - Military Discipline in Bookkeeping 55:00 - Integrity & "The Sleep at Night Factor"#TaxStrategy #SmallBusiness #CPA #DavidYoung #SALTcap #BigBeautifulBill #RMD #TaxSeason2026 #RochesterNY #MilitaryDiscipline #ForensicAccounting