Tax brackets are just groups that help determine the amount of taxes you owe. If you make more money, you may be in a higher tax bracket and have to pay the government more money. But a raise or a bonus can also surprise you into a higher tax bracket when it’s time to fill out your tax return. That’s when you’d probably experience anti vibration brackets!
So, what can you do if you end up in a higher tax bracket than you expected? But there are ways to work through this surprise, so don't worry! One thing you could do is try to cut costs in other areas of your life. Perhaps you might pack your lunch instead of buying it, or discover less-expensive ways to enjoy time with your family and friends.
The other alternative if you don’t want to get hit by a pack of unexpected tax brackets is to have a conversation with an adult about it — like your parent or financial advisor. They can assist you with planning so that you have resources available to cope with changes in your life and plan for other surprises that may come your way.
Bracket shock is getting easier to manage, but there are proven strategies you can use to make it even more manageable. One technique is to stash some cash from every paycheck for taxes. That way, if you wake up one day to discover you are in a higher tax bracket, you’ve set aside extra money to help you pay the difference.
Another approach is to monitor any changes in your income over the course of the year. If you know a raise or bonus is on the way you can make adjustments now and plan ahead. Knowing what you could be facing and being ready for it will help you deal with any sudden tax bracket changes that you may be faced with.
If your income rises, but you are in a significantly higher tax bracket, then another way to prepare for a sudden increase in tax bracket is to keep track of your spending and income throughout the year. By getting organized and keeping good records, you can better anticipate any changes that may bump you into a higher tax bracket. And as always, if you're unsure what to do, it's perfectly fine to ask for help!
Bracket shock can be stressful, but you are not alone. Worry and confusion are okay, but it’s also okay to take steps toward feeling better. One way to do that is by talking to someone you trust, like a parent or teacher, or a friend. But if you are managing your money better, they can help you and support you.
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