In January, the Discover Small Business Watch reported that 74 percent of small-business owners felt that economic conditions in the U.S. were getting worse.
Sounds like most owners are worrying about tough financial times on the horizon.
But, here’s some good news: There’s money out there waiting to be picked up by small-business owners. It just sometimes comes from unexpected places.
By keeping your eyes open and paying attention, you might be able to get your hands on some extra dough. It probably won’t come in by the thousands or even hundreds of dollars. Instead, it will likely trickle in from a variety of places.
But even finding a few bucks here and there can add up and make a difference in tight times.
Here are some places to look for easy money.
Apply for a refund from credit cards
If you traveled out of the country during the past few years and used credit cards to get cash or make purchases, you might be eligible for a refund of fees.
The refunds involve currency-conversion fees that you may have been charged by your credit card issuer. You could qualify for the refund if:
- You made a transaction in a foreign currency using a Visa, MasterCard or Diners Club credit card or debit/ATM card
- The transaction occurred between Feb. 1, 1996 and Nov. 8, 2006
- The transaction included a purchase, cash advance, cash withdrawal or Internet transaction
If you’re eligible, you can choose from three refund options:
- Easy refund: Fill out a short form and get $25.
- Total Estimation Refund: Answer a few questions about your travel outside of the U.S. and receive up to 1 percent of estimated foreign transactions.
- Annual Estimated Refund: Provide details about your foreign transactions during the 1996 to 2006 period and receive up to 3 percent of foreign transactions. This is the only refund available for corporate card use.
You have until May 30, 2008, to request your refund. For more information and to submit a refund claim form, call 800-945-9890 or go to
www.ccfsettlement.com.
Get your tax refund faster
If Uncle Sam owes you money, get it sooner rather than later. Here’s how.
- File your taxes electronically instead of using paper tax forms. The Internal Revenue Service says that generally, when you use e-file, your refund will be issued in about half the time it would take if you filed a paper return.
- Have your refund deposited directly into your bank account. You won’t have to wait for the government to mail a refund check, and direct deposit eliminates the chance that your check could get lost in the mail.
You can even direct your refund into multiple accounts with the new “split refund” option. The option let you direct the refund into as many as three checking or savings accounts at up to three different U.S. financial institutions. The split refund option is available for those who e-file or choose paper returns. Use IRS Form 8888 to request the split refund.
- Use TurboTax Online
TurboTax Online lets you file electronically and get your tax refund faster. Plus, AFS Members receive a 15-percent discount on this No. 1 online tax preparation program. You prepare your taxes for free and pay only when your ready e-file or print your return.
Reduce interest payments on debt
The less money you pay on interest, the more money you put in your pocket. So, you can make a few easy bucks by eliminating or even reducing those interest payments.
“Debt has a legitimate place in many budgets, but only when handled with great care,” says Laura Fisher, director of the American Bankers Association (ABA) Education Foundation.
So how can you save on interest payments? Try these tips from the ABA:
- Always pay more than the minimum due. That will reduce the length of time you have to pay interest.
- Always pay on time. Late payments to credit cards can result in your interest rate being increased.
- Pay off debts that charge higher interest rates first.
- Transfer high interest credit card balances to cards with lower interest rates.
- Limit your long-term debt to assets that appreciate in value, such as a building for your small business.
(Posted March 2008)
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