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With tax season just around the corner—the IRS has announced that filing season will open on Monday, Jan. 29, 2024—many taxpayers are scrambling to get their records together and bracing to find out whether they might owe tax. Jenny Groberg, CEO of BookSmarts Accounting and Bookkeeping, says business owners shouldn’t be caught off guard by a surprise tax bill. A little planning, especially when you know what to look for, can make tax season a lot smoother—and help save money.

There’s no penalty for filing your taxes late if the IRS owes you money. But if you owe them money, things can get very ugly, very fast. Here’s what you need to know—and do—if you haven’t filed your taxes in years. First, if you think you’re due a refund, your primary concern should be that you are leaving money on the table. But the chance to claim your share of that money doesn’t last forever—you only have a three-year window to collect what Uncle Sam owes you. Since there’s no penalty for filing a late return if you don’t have to pay in, you’ll definitely want to do so immediately if you are owed money.