If you moved up to a higher tax bracket this year, congratulations! Whether you saw success in your personal life or at work, we commend you. It takes hard work to do what you did.
But what comes along with earning more money is paying a larger amount in taxes. If you moved up to a new tax bracket this year, some of the money you earn will be taxed at a higher rate – but not all of it! You’ll still see a bigger paycheck coming in that reflects the higher amount that you’re earning.
To understand the ins and outs of a new tax bracket, it will benefit you to hire a tax professional who knows what they’re doing.