On October 23, 2026, the IRS issued a reminder (IR-2026-128) that a few simple steps taken now can make the 2027 filing season smoother and help avoid surprises at tax time. The reminder points to IRS Publication 5349-A, Year-Round Tax Planning Is for Everyone. For business owners, with the year ending in less than two months, it is a practical checklist.
1. Check withholding
Federal income tax is generally paid throughout the year as income is earned. The IRS suggests using the Tax Withholding Estimator on IRS.gov to see whether the right amount is being withheld from pay. A review makes sense after a major life or income change, such as marriage, divorce, the birth or adoption of a child, or a job change. If an adjustment is needed, the employee submits a new Form W-4 to the employer.
2. Review estimated tax payments
Taxpayers with income that is not subject to withholding, including small business owners, self-employed taxpayers and gig economy workers, may need to make quarterly estimated tax payments. Comparing your year-to-date results with the payments already made can show whether the remaining payment needs to change. The IRS Estimated Taxes page lists the payment due dates.
3. Use the IRS online tools
The IRS Individual Online Account lets taxpayers, depending on their account, view balance information, make and view payments, review payment plans, view certain IRS notices and letters, access certain tax records and request an Identity Protection PIN. IRS.gov/Tools also covers refund status, tax records and transcripts, and information about credits, deductions and filing status.
4. Get your records organized
The IRS calls good recordkeeping one of the easiest ways to prepare. A simple system, electronic or paper, that keeps documents together as they arrive is enough. Records the IRS lists include:
- Forms W-2 from employers
- Forms 1099 from banks and other payers
- Records of digital asset transactions
- A copy of last year's federal and state returns
- Bank account and routing numbers for direct deposit or payments
- IRS notices, letters and other correspondence
- Records that support credits, deductions or other tax benefits claimed
Organized records can make return preparation easier and may help identify overlooked credits or deductions.
5. Stay alert to scams
Scammers may use email, text messages, phone calls or social media to try to steal information or money. The IRS advises against clicking links or opening attachments in unexpected messages claiming to be from the IRS. Suspicious emails and texts can be reported to phishing@irs.gov.
A short year-end checklist
- Run the Tax Withholding Estimator for any employee-type income you receive.
- Compare estimated payments made so far with this year's expected results.
- Create or update a folder for 2026 tax documents.
- Save every IRS notice and letter in one place.
- Confirm your business bank details are current for payments.
- Verify any unexpected IRS message through IRS.gov before responding.
Every situation is different. A qualified tax professional can help you review how these steps apply to your business.
Sources
- IRS: Year-round tax planning can make filing easier (IR-2026-128, Oct. 23, 2026)
- IRS Tax Withholding Estimator
- IRS Estimated Taxes
- IRS Online Account for Individuals
- IRS Tools
This article is for general educational purposes and is not tax or legal advice for any specific situation.
