Balancing Honesty and Tact in Critical Feedback

I often find myself in situations where I need to give critical feedback, whether it’s during mastering sessions or project reviews. It’s a tricky line to walk being direct enough to make the point clear without coming across as harsh or discouraging. How do you approach this? I want to make sure my input is constructive and helps others improve, but I also don’t want to sugarcoat things so much that the real issues get lost. Any tips on striking that balance would be really helpful.