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Dealing with my double payment

December 28, 2010

In connection with my post yesterday about end-of-year checks and which tax year such income should be reported, some folks are wondering about the exact resolution of my specific double payment situation.

The extra payment, which arrived in my snail mail box last week, was in connection with my regular motorsports column, specifically for the piece that will appear in a couple of Randall-Reilly trucking industry magazines in January. (In case you happen to be at a truck stop, check out the Truckers News or Changing Lanes magazines for my thoughts on Dale Jr.)

I was about to send the publisher an invoice for the February column I had submitted earlier this month when I realized I had received a duplicate January fee.

So instead of billing for February's work, I notified the company's accounting office and we agreed that the second January check would be counted as payment for my February column. (FYI, the February piece is on Chip Ganassi's dream 2010 season and will be available at truck stop newsstands in about five weeks.)

Now the client is happy because the check doesn't have to be returned only to be reissued in a few days.

I'm happy that I have some unexpected cash.

And the IRS will be happy this coming filing season when I pay a tad more in 2010 taxes!

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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

Credits/Deductions
Disasters
Family
Filing and Paying Taxes
Politics/Laws
Refunds
State Taxes
Tax Brackets/Inflation
Tax Tips
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