President Donald Trump has implemented numerous executive orders during the early days of his second term, one of which may impact your tax refund. One of these orders put a freeze on new hires at the IRS and rescinded job offers for employees scheduled to start after Feb. 8. Additionally, another order required federal employees working from home to return to the office. This move could potentially lead to early retirements among IRS employees of retirement age, allowing them to secure their retirement benefits. The potential wave of early retirements may leave key IRS positions vacant, affecting the agency’s ability to process tax refunds promptly.
While other federal departments may have their hiring freezes lifted after submitting reports justifying their needs, the IRS freeze can only be lifted at the discretion of the recently confirmed Treasury Secretary, Scott Bessent. As Americans await their tax refunds, experts suggest filing early and accurately to potentially expedite the process. Adjusting withholding allowances, increasing retirement contributions, making quarterly estimated tax payments, and tracking business expenses are some proactive steps individuals can take to improve their tax situation and financial outlook for the future.
According to Stroup, grants may be the solution to bridge any financial gaps. Please note: GOBankingRates is unbiased and aims to provide objective coverage of all economic aspects, offering impartial reports on politically relevant financial topics. For more information, visit GOBankingRates.com.
Explore more on GOBankingRates:
– 4 Smart Financial Moves Wealthy Individuals Always Make
– Financial Influencer Genesis Hinckley’s 3 Indicators of Financial Success
– Renting vs. Owning a Home: Which Is More Affordable in 2025?
– 4 Creative Side Hustles That Really Pay Off
This content was originally published on GOBankingRates.com: How Trump’s Executive Orders Might Impact Your Tax Refund This Year and What You Can Do.
