The IRS has issued a simple but important reminder: do not wait until tax season to find out whether you have a problem.

A short tax checkup before the end of the year can help you identify missing payments, incomplete records or a potentially large balance before your return is prepared.

Tomes Law Firm’s advice: Use this IRS announcement as a reason to review your 2026 taxes now. If the review reveals missing income, missed estimated payments or a balance you may not be able to pay, addressing it before filing season generally gives you more time to evaluate your options.

Who Should Pay Particular Attention

You should consider reviewing your 2026 tax situation now if:

• Your income increased this year.
• You started or expanded a business.
• You are self-employed or receive Form 1099 income.
• You earn money from a side business or gig work.
• You sold investments, real estate or digital assets.
• You received significant rental or investment income.
• You changed jobs or had more than one employer.
• You went through a marriage, divorce or another major life change.
• You have not made all your expected quarterly estimated-tax payments.
• You are not sure whether enough tax is being withheld.

Business owners and self-employed taxpayers are particularly vulnerable to an unexpected balance because taxes are not automatically withheld from much of their income.

A Balance Due Is Not the Only Risk

Many taxpayers assume they can simply pay whatever they owe when the return is filed. Unfortunately, waiting may result in more than a large tax bill.

The federal tax system generally requires taxpayers to pay taxes throughout the year through payroll withholding or estimated-tax payments. If too little is paid, or payments are made late, the IRS may assess an underpayment penalty.

If the balance remains unpaid after the return is due, additional penalties and interest may continue to increase the amount owed.

Finding the problem now may give you time to adjust withholding, make an additional payment, gather missing records or prepare for the balance before it becomes an emergency.

What Should You Review

1 Withholding

Review a recent paystub and determine whether your federal withholding appears sufficient, especially if your income or household circumstances changed during the year.

2 Estimated Payments

Confirm the dates and amounts of every estimated payment. Do not rely solely on memory. Check your bank records, payment confirmations and IRS online account.

Make sure each payment was applied to the correct taxpayer, tax year and payment type.

3 Income Records

Gather Forms W-2 and 1099, business income records, brokerage information, rental records and documentation of digital-asset transactions.

If you received income that will not appear on a tax form, that income may still have to be reported.

4 Business Expenses

Organize receipts, bank statements, mileage records and other documents supporting deductions. A legitimate expense can still be disallowed if the taxpayer cannot prove it.

5 IRS Notices and Account Information

Review any IRS notices you received during the year. Your IRS online account may also show balances, payments, payment-plan information and certain tax records.

Do not ignore it, and do not wait for the IRS to discover it.

What If the Review Reveals a Problem

A missing payment, unreported source of income or expected balance does not necessarily mean that the situation is beyond repair. The available options depend on the facts, the amount involved and whether a return has already been filed.

The important step is to understand the problem before making representations to the IRS or submitting a return that may be incomplete.

If you discover a problem, Tomes Law Firm can work with you and your tax preparer to understand the amount involved, correct incomplete information and determine how to address a balance you cannot pay. The goal is to confront the issue before it becomes an IRS notice, levy or other collection emergency. Call us today at 732-333-0681 or 833-4IRS-TAX

Addressing the issue now will not guarantee that every penalty or dollar of interest can be avoided. It can, however, give you more time, better information and greater control than waiting for a tax notice or collection action.

We Solve Tax Problems  You Get Peace of Mind

This article provides general information and is not legal or tax advice for any particular taxpayer.

Sources

IRS  Year-Round Tax Planning Can Make Filing Easier

IRS  Underpayment of Estimated Tax by Individuals Penalty

Why should I review my taxes before filing season?
An early review may uncover insufficient withholding, missed estimated payments, incomplete records or a balance you were not expecting.

Who may need to make estimated-tax payments?
Business owners, self-employed taxpayers, independent contractors and people with income not subject to withholding may need to make estimated payments.

Can I face a penalty even if I pay when I file my return?
Possibly. An estimated-tax underpayment penalty may apply when required payments were insufficient or late during the year.

How can I confirm that the IRS received my payments?
Review your payment confirmations, bank records and IRS online account. Confirm that every payment was applied to the correct taxpayer, year and payment type.

What should I do if I cannot pay the expected balance?
Determine the likely amount before filing and obtain advice about the available payment or resolution options. Do not wait for collection notices to begin.