The IRS is issuing an update to millions of Americans ahead of the April 15 tax deadline – are you really ready for your refund?

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With tax season in full swing, the Internal Revenue Service is making service changes to help Americans file their returns.

On March 6, the IRS announced that it is extending weekly office hours at more than 200 Taxpayer Assistance Centers (TAC) across the country, giving taxpayers more time to receive in-person assistance during filing (1).

The agency noted that calendar year filers – the most common type in the US – have until April 15 to submit their returns, but extended weekly hours will remain available until April 30 (2). You can check if a nearby facility offers extended hours using the IRS TAC Locator tool.

Additionally, many TACs are now open on select Saturdays to provide in-person assistance. During these special Saturday hours, visitors can avail of the many services offered at TACs, without paying in cash.

Although many Americans file their taxes online, TACs still serve an important role. According to the IRS Data Book, the agency’s agencies recorded more than 2 million contacts in fiscal year 2024 – increasing personal assistance provided to taxpayers by nearly 26% compared to the previous fiscal year (3).

The Trump administration has suggested the possibility of “very large refunds” this tax season due to changes related to the “One Big Beautiful Bill,” which introduces provisions such as tax deductions for tips, overtime pay, car loan interest and enhanced deductions for seniors.

And taxpayers are already taking advantage of those provisions. According to Frank Bisignano, the first CEO of the IRS, more than four out of ten of the estimated 55 million income tax returns filed so far this season have claimed at least one of those new tax breaks (4).

That can make a noticeable difference: Bisignano said households that claim at least one of these deductions get $775 more in refunds on average.

You can find the new IRS Schedule 1-A and its related instructions — which allow filers to claim this new deduction — here.

While the new deductions would ease the tax burden on earners and earners, wealthy families generally cannot rely on policy changes alone to lower their tax bills.

For decades, high-net-worth individuals have used proven strategies — and certain types of assets — to legally reduce what they owe the IRS. According to a report from ProPublica, some billionaires in the US paid little or no taxes compared to the vast sums of money they amassed (5).

This is because billionaires build their wealth from assets – not salaries. As the value of these goods increases, their value increases, but the US tax system is not designed to fully capture those gains. Capital gains are generally taxed at lower rates than ordinary income and taxes are not owed until the assets are sold.

In fact, as NYU Stern professor Scott Galloway once put it, if you’re trying to build wealth, “you have an obligation to pay as little tax as possible” (6).

One asset class that America’s wealthy have relied on for decades is real estate — in part because of the generous tax treatment it receives.

If you earn rent from an investment property, you can claim a deduction for a wide range of expenses, such as mortgage interest, property taxes, insurance and ongoing maintenance and repairs.

Real estate investors also benefit from depreciation — a tax deduction that recognizes the gradual wear and tear of a property over time. Investors can use tools like reinvestment and 1031 exchanges to keep their money compounded instead of cashing out.

Today, you don’t need to be a millionaire – or buy one outright – to invest in real estate. Crowdfunding platforms like Ufikele offer an easy way to gain exposure to this revenue-generating asset class.

Backed by world-class investors like Jeff Bezos, Arrived lets you invest in rental housing stocks for as little as $100 – all without the hassle of mowing lawns, fixing leaky faucets or managing difficult tenants.

The process is simple: Browse selected homes that have been evaluated for their value and income potential. Once you’ve found a property you like, choose the number of shares you’d like to buy and sit back to start receiving any rental income distributions from your investment.

Another option is Lightstone DIRECT, which gives accredited investors access to high-quality multifamily institutional and industrial real estate – with a minimum investment of $100,000.

Founded in 1986 by David Lichtenstein, Lightstone Group is one of the leading private real estate investment firms in the US, with more than $12 billion in assets under management.

Over nearly four decades, their team has delivered strong, risk-adjusted performance through multiple market cycles – including a historical IRR of 27.6% and a total historical 2.54x return on investment realized since 2004.

With Lightstone DIRECT, you get access to the same multifamily and industrial deals that Lightstone pursues with its capital.

Here’s the kicker: Lightstone invests at least 20% of its capital in all deals — about four times the industry average. With skin in the game, the company ensures that its interests are directly aligned with those of its investors.

Read More: I’m in my late 50s and have no retirement savings. Is it too late to catch up?

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The wealthy don’t just focus on what they invest in – they also look closely at where that money lives. Using tax-advantaged retirement accounts can be a powerful way to keep more money compounded over time.

For example, traditional IRAs and Roth IRAs allow investments to grow tax-deferred or tax-free, depending on the type of account.

While many retirement accounts primarily hold stocks and mutual funds, some investors choose to diversify further. Ray Dalio, the founder of the world’s largest hedge fund, Bridgewater Associates, has repeatedly warned that most portfolios lack one key safety asset: gold.

“People don’t have, in general, a sufficient amount of gold in their portfolio,” he told CNBC last year. “When times are bad, gold is the most effective asset.”

Long seen as a safe haven, gold is not tied to any one country, currency or economy. It cannot be created by the will of the central banks like fiat money and in times of economic turmoil, market turmoil or global uncertainty, investors tend to pile in – increasing its value.

In the last 12 months, gold prices have increased by more than 70%.

Another way to invest in gold that offers significant tax benefits is to open a gold IRA with the help of Thor Metals.

Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, combining the tax benefits of an IRA with the protective benefits of investing in gold, making it an attractive option for those looking to hedge their retirement income against economic uncertainty.

To learn more, you can find a free informational guide that includes details on how to get up to $20,000 in free coins on qualifying purchases.

At the end of the day, everyone’s financial situation is different – from income levels and investment goals to debt obligations and risk tolerance. If you’re not sure where to start, now may be the right time to contact a financial advisor.

With Vanguard, you can connect with a personal advisor who can help assess how you’re doing so far and ensure you have the right portfolio to meet your goals on time.

Vanguard’s hybrid advisory system combines advice from expert advisors with automated portfolio management to make sure your investments are working to achieve your financial goals.

All you have to do is fill out a short questionnaire about your financial goals and Vanguard advisors will help you plan the right plan and stick to it.

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IRS (1), (2), (3); Morning Star (4); ProPublica (5); Yahoo! Finance (6)

This article provides information only and should not be construed as advice. Offered without warranty of any kind.