As April 15th looms closer, many are scrambling to file their taxes. To help us navigate this busy time, financial expert Barry Bigelow joins us for this week’s Money Matters Monday.

“Income tax is a fee levied by the government, and it’s essentially a contribution to fund public services like roads, schools, and healthcare,” Barry explained, breaking down the concept for those new to the workforce.

He also highlighted the progressive nature of the U.S. tax system, where the more you earn, the higher the rate of tax you pay. “You’re taxed more for every dollar that you earn as you go up in brackets,” Barry clarified. “The money in the higher tax brackets is taxed at a new, higher rate than the one below.”

For those hoping to reduce their tax burden, Barry noted that while deductions and credits are fewer than in past years, some options remain. “Childcare expenses, medical expenses, and mortgage interest are still ways you can reduce your taxes,” he said, adding that these savings could add up to thousands of dollars.

Barry also shared valuable advice for those filing this year. “Details matter,” he stressed. “It’s important to keep track of your expenses and income throughout the year. Check your withholding and see if it’s aligned with your tax situation for the coming year.”

With tax season upon us, Barry’s practical tips offer a great starting point. As he wrapped up, he encouraged viewers to stay on top of their financial records year-round, ensuring they are well-prepared for future filings.