local
Five ways to avoid tax penalties in 2026
By Associated Press at Odessa American (oaoa.com)
· June 20, 2026
· 4 min read
By SHERYL ROWLING of Morningstar
As a certified public accountant, the most common question I hear in the spring is, “How much do I actually have to pay the IRS right now?” In a perfect world, the IRS wants 90% of your total tax liability paid “ratably” (equally) throughout the year.
The problem?...
Key takeaway ” In a perfect world, the IRS wants 90% of your total tax liability paid “ratably” (equally) throughout the year.
Why this matters in The Odessa
For Odessa residents, navigating the complexities of tax payments can be particularly challenging given the area's economy, which is heavily influenced by the oil and gas industry. The volatile nature of this industry can lead to unpredictable incomes, making it difficult for individuals to accurately estimate their tax liability. The strategies outlined, such as the December miracle and the Rearview Mirror safe harbor, can be especially useful for locals who experience fluctuations in their income due to the cyclical nature of the energy sector. By taking advantage of these safe harbors, Odessa residents can avoid underpayment penalties and ensure they are in compliance with IRS regulations. Additionally, individuals with investments in the stock market or those who receive year-end bonuses should pay close attention to their tax obligations to avoid any potential penalties. By being proactive and seeking the advice of a certified public accountant, Odessa residents can better manage their tax liabilities and avoid unnecessary fines.
About this story
Original reporting by Odessa American (oaoa.com) . The Odessa surfaces reporting from trusted publishers and adds local editorial context so readers can quickly understand what a story means for their community. We attribute every source, link to the original report, and follow a documented editorial standards policy. To understand how stories are selected and reviewed, read our about page .
For the complete original report, visit Odessa American (oaoa.com) . Have a tip or correction? Contact our newsroom .
Category: local ·
Published: June 20, 2026 ·
Source: Odessa American (oaoa.com) ·
Reading time: 4 min
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Frequently asked about this story
What is this story about? By SHERYL ROWLING of Morningstar
As a certified public accountant, the most common question I hear in the spring is, “How much do I actually have to pay the IRS right now?” In a perfect world, the IRS wants 90% of your total tax liability paid “ratably” (equally) throughout the year.
The problem?...
When was this published? This article was first published on June 20, 2026 by Odessa American (oaoa.com) and curated for The Odessa readers.
Who reported this story? This story was reported by Associated Press at Odessa American (oaoa.com). To learn more about how The Odessa selects and reviews stories, see our editorial standards .
Where can I find related coverage? See more local coverage from The Odessa, or browse our daily briefing and topic hubs .
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