Financial Wellness at Work
Financial Finesse Financial Coaches work with people from all walks of life and have literally seen it all! They’ve supported employees and participants (and their families) through debt, cash flow, and credit challenges, buying homes, growing their families, marriages and divorces, retirement planning, and more. Financial stress doesn’t exist in a silo – it influences everything, including mental and physical health, relationships, and productivity. We’ll dig into it all.
Financial Wellness at Work
New Rules for Your Money: Everything You Need to Know About OBBBA
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The passing of the One, Big, Beautiful Bill Act (OBBBA) has brought about a lot of changes for employees, and it’s important to discuss these things as we head into 2026. Joining us to tell you what you need to know about OBBBA are Financial Finesse coaches, Dan Andrews and Stephanie Thomas. Tuning in, you’ll hear all about the new ‘no tax on overtime’ rule, how that will affect an employee’s tax refund, and what the increase in the new standard deduction means for employees. We discuss the increase in the SALT (State and Local Taxes) deduction before talking about how employees should handle the temporary phase-out perk. Finally, we touch on refundable tax credits. Thanks for listening!
Key Points From This Episode:
- What the new ‘no tax on overtime’ rule means for employees.
- A little bit about the new standard deductions.
- Touching on the increase in the SALT deduction.
- Why it is important to be aware that the phase-out perk will end.
- The child tax credit changes and what the refundable tax credit means.
Quotes:
“Not every financial planner says this, [but you want to] have a little bit [of money] for fun. Because, you know, money is a tool to enjoy your life.” — Dan Andrews [0:05:21]
“There’s actually a new bonus, it’s an additional deduction of $6,000, for seniors who are aged 65 and older – on top of that standard deduction.” — Stephanie Thomas [0:08:58]
“With this new bump up of the state and local taxes going from $10,000 to $40,000 of the capped limit, a lot more people are going to start looking into itemizing their deductions.” — Dan Andrews [0:11:27]
“A refundable [tax] credit can actually be money back in your pocket.” — Stephanie Thomas [0:15:04]
Links Mentioned in Today’s Episode:
One, Big, Beautiful Bill Act (OBBBA)
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