TRANSCRIPT
(Kristen) Welcome to Money Matters at 757 with Justin Chastain. And, Justin, we hear a lot of the term about “tax brackets,” but how do they actually work?
(Justin) That’s exactly right, and, you know, I don’t know if anybody really knows. I’m kidding with that! It can be complicated, but, like I always say, have a trusted advisor. You can find these tax brackets, marginal tax brackets, out on the irs.gov. The more you earn, the higher your marginal tax bracket is going to be. But at the end of the day, it’s really just about knowing what you’re earning and where those tax brackets align to where you and your family are at in their financial needs.
(Kristen) And adding onto that, does your status that you are filing as impact that?
(Justin) It, for sure, can. And, again, that gets a little bit more in the weeds that we’re not going to be able to cover in a few seconds. What I do recommend is finding a trusted advisor that helps you with your accounting, and ask them how it works out.