With the tax filing deadline just around the corner, many are feeling the pressure. But fear not—financial expert Barry Bigelow is here to demystify tax brackets and help us navigate this tricky time.

Barry kicked things off by explaining tax brackets basics, “Think of tax brackets as income ranges that are taxed at different rates, kinda like a staircase where every time you step up, you get taxed at a little bit different rate on the income at that level.”

To help visualize, Barry showed a chart breaking down the tax brackets. He gave the example, “If you earn $23,200, then you’re only paying 10% on that amount. But if you make $23,201, that extra $1 is taxed at 12%, not the entire amount.”

For those who are visual learners, Barry suggested, “Grab your tax filing, look at this chart, screenshot it, and apply it for this year. It’ll help you understand how we pay our taxes.”

As the discussion shifted to broader financial advice, Barry shared a timely tip for anyone concerned about the stock market’s recent volatility. Barry said, “Having a plan and executing that plan always wins out over panicking. If you’re feeling unsure, don’t panic sell. Work with a financial advisor and stick to your plan.”

Barry wrapped up with a reminder to get professional help when taxes or investments seem overwhelming, “If you get confused about tax brackets, talk to a financial professional. And if you’ve always wondered how it works, this chart is a great place to start.”

So, whether you’re filing taxes or making investment decisions, remember: it’s all about planning, learning, and staying calm. As Barry wisely puts it, “Don’t panic. Have a plan.”

Do you have more financial questions? Barry’s here every week to help! Keep those questions coming, and let’s tackle this financial world together.