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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 (TACs) nationwide, giving taxpayers additional time to receive in-person assistance during the filing season (1).
The agency noted that calendar year filers—the most common type in the United States—have until April 15 to file their returns, but extended weekly hours will be available through April 30 (2). You can check if a nearby center offers extended hours using the IRS’s TAC Locator tool.
In addition, many TACs are now open on Saturdays to provide personal assistance. During these special Saturday hours, visitors can get help with many of the services offered at TACs without paying cash.
While most Americans file their taxes online, TACs still play an important role. According to the IRS Data Book, Administration Centers recorded more than 2 million contacts in fiscal year 2024—a nearly 26% increase in personal assistance provided to taxpayers over the previous fiscal year (3).
The Trump administration has cited the possibility of a “huge refund” this tax season due to changes associated with “a big beautiful bill,” which introduced tax breaks for tips, overtime pay, car loan interest and enhanced deductions for seniors.
And taxpayers are already benefiting from these provisions. According to Frank Besignano, the first CEO of the IRS, more than four in 10 of the roughly 55 million income tax returns filed so far this season have claimed at least one of these new tax breaks (4).
That can make a significant difference: Bisignano said families who claim at least one of these deductions get refunds that are $775 higher, on average.
You can find the new IRS Schedule 1-A and its related instructions — which allow filers to claim these new deductions — here.
While the new deductions can reduce the tax burden for wage and salary earners, wealthy families typically don’t rely solely on policy changes to lower their tax bills.
For decades, high-net-worth individuals have used proven strategies — and specific types of assets — to legally reduce what they owe the IRS. According to a ProPublica report, some billionaires in the United States pay little or no income tax compared to the vast wealth they have amassed (5).
This is largely because billionaires build their wealth through assets – not salary. As the value of these assets increases, their net worth increases, but the US tax system is not designed to fully capture these gains. Capital gains are generally taxed at lower rates than regular income and are not taxed until the asset is 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.
When you receive rental income from an investment property, you can claim deductions 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 also use tools like refinancing and 1031 exchanges to keep their capital compounding instead of cash.
Today, you don’t have to be a millionaire—or even to buy a single property—to invest in real estate. Crowdfunding platforms like Arrival offer an easy way to get into this income-producing asset class.
Backed by world-class investors like Jeff Bezos, Ariad allows you to invest in rental housing shares with as little as $100 – all without the hassle of mowing lawns, fixing plumbing or managing difficult tenants.
The process is simple: search a curated selection of homes that have been evaluated for their appreciation and income potential. Once you find a property you like, select the number of shares you want to buy and then sit back when you start receiving positive rental income distributions from your investment.
Another option is Lightstone DIRECT, which offers qualified investors access to prime quality multifamily and industrial real estate – with a minimum investment of $100,000.
Founded in 1986 by David Lichtenstein, Lightstone Group is one of the largest private equity investment firms in the United States, with more than $12 billion in assets under management.
Over nearly four decades, their team has delivered strong, risk-adjusted performance across multiple market cycles – including a 27.6% historical net IRR and a 2.54x historical net equity multiple on investments since 2004.
With Lightstone DIRECT, you get access to the same multi-family and industrial transactions that Lightstone pursues with its capital.
Here’s the kicker: Lightstone invests at least 20% of its capital in each deal — about four times the industry average. With skin in the game, the company ensures that its profits are directly aligned with its investors.
Read more: I’m almost 50 and have no retirement savings. Is it too late to catch up?
Read more: Non-millionaires can now invest in this $1B private real estate fund starting at just $10
The wealthy don’t just focus on what they invest in—they also pay more attention to where those investments go. Using tax-advantaged retirement accounts can be a powerful way to maintain a large capital compound over time.
For example, traditional IRAs and Roth IRAs allow investments to be made either tax-deferred or tax-free, depending on the type of account.
While most retirement accounts consist primarily of stocks and mutual funds, some investors choose to diversify further. Ray DeLeo, founder of the world’s largest hedge fund, Bridgewater Associates, has repeatedly warned that many portfolios lack a key safe-haven asset: gold.
“People generally don’t have enough gold in their portfolios,” he told CNBC last year. “When times are bad, gold is a very effective diversifier.”
Seen as the ultimate safe haven for the long term, gold is not tied to any one country, currency or economy. It cannot be created at will by central banks like fiat money and in times of economic turmoil, market turmoil or geopolitical uncertainty, investors appreciate its value.
Over the past 12 months, the price of gold has increased by more than 70%.
One way to invest in gold that also provides significant tax benefits is to open a gold IRA backed by the precious metal.
Gold IRAs allow investors to hold physical gold or gold-related assets in a retirement account, which combines the tax benefits of an IRA with the protective benefits of gold investments, making them an attractive option for those potentially hedging their retirement funds against economic uncertainty.
For more information, you can get a free information guide that includes details on how to get up to $20,000 in free metals on eligible 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 might be a good 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 make sure you’ve got the right portfolio to meet your goals on time.
The Vanguard Hybrid Advisory System combines the advice of professional advisors and automated portfolio management to ensure that your investments work to achieve your financial goals.
All you need to do is fill out a short questionnaire about your financial goals and Vanguard advisors will help you set up a suitable plan and stick to it.
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IRS (1), (2), (3); Morning Star (4); public public (5); Yahoo Finance (6)
This article provides information only and should not be used as advice. It is provided without warranty of any kind.
