According to Fortune magazine 55 Fortune 500 Companies including Amazon, Google, FEDEX paid no U.S. income tax in 2020. How can they get away with that? Not only that, but those same very large and profitable Corporations got huge Federal Rebates, Credits and Incentives.
Why does this happen? Why don’t the small and medium sized businesses get what the Big Guys get? Well, I think I know why… One day I was at Best Buy and saw an expensive blender for sale for $79.99 and it had a $40.00 mail-in rebate. I thought to myself thatthe blender was only $39.99 and a very good price so I bought it.
In my mind I was thinking that it would be very nice if they just lowered the price at the register so I could save the $40 right then but no, I had to go home where I read the receipt rules to get my rebate…. Lo and behold I was surprised at what they wanted: 1.-The correct bar code from the box (There were six by the way and I had to find the correct one), 2.- I had to fill out a survey and send in the original receipt and not a copy, 3.- I had to mail this all in with a stamp and large enough envelope that I did not have on hand. This little 5-minute project was going to take longer than I thought so I decided to do it all the next day. And guess what? The next day came and went, I was busy and forgot about it.
I still have that blender today and do enjoy it. But it’s a lesson on why so many small business owners lose out on the many Rebates, Credits and Incentives that are available to them.
There are State and Federal Programs as well as local programs that are available to businesses but how many of you take the time to investigate them? Or worse, even if you do hear about them can you then take the time to get all the proper paperwork sorted out to get them? Like me and my blender rebate you probably never do it. The large Companies pay their staff or have high priced consulting firms do this time-consuming work for them. And it’s worth it because there are millions of dollars on the line. But for smaller businesses time is too important. It just doesn’t get done.
The problem in my mind is that these small mistakes where you leave 15, 40 or 100 thousand dollars on the table starts to add up. Do you ever wonder why the rich get richer and you work yourself to exhaustion just to stay where you are? Well, I’ve found some very helpful agencies and advisors who have made it their mission to help small businesses find what is owed to them and what they can do to get these Rebates, Credits and Incentives.
The good news is that if they don’t find anything there is no cost and if they do, they get to keep some of what they find you.
Sounds good to me and why many of my friends have been happy to find as much as $140K. What would your business do with another $30-70k? If you found out that you were entitled to that money, when would you like to get it?
Let’s make this a great year and get the money owed to us. If you need or want help just let me know. Here to help: 800-582-1484
————————————————————————————— Anna Petrossian is a former educator turned successful businesswoman with over 31 years’ experience in the world of manufacturing/import/consultancy/marketing.
She has focused her strengths on how to grow Companies and found creative solutions and resources others envied. Through her expertise and efforts, companies grown into multi-million ventures and she is often asked to assist other business owners on topics of where to get growth capital, reduce costs and improve profits. A valued resource to the business community, Anna prides herself first on helping others.