Payday loan lenders might have an increase in business if taxpayers missed the July 15 extension for filing income tax for 2019. The normal deadline of April 15 was extended to July 15 in response to the COVID-19 dilemma. All businesses and individuals are eligible. No worries if taxpayers missed. If additional time is needed, there are forms on the IRS website that gives you an automatic six months.
Payday Loan Lenders Help With Income Taxes
The struggle for people will be to plan for a larger amount of taxes on their income. Many people are already facing month to month problems with the expenses they have now. Paying higher taxes will bring in smaller tax returns or more substantial liabilities. Those who counted on returns to catch up on bills or pay off other expenses will have to start looking for new ways to make ends meet. Those who have to pay out each year will want to start saving an extra amount to cover the increase. If you have to pay on your income tax unexpectedly, a taxpayer might solicit a quick and low-cost payday loan to avoid the interest from an unpaid tax bill.
Payday loans for Tax Payment Assistance
The lower middle class is already a big part of the payday loan lender customer count. Many of these hard-working people are struggling to make ends meet as it is. Foreclosures and piles of debt are burdening many. Others are barely staying afloat by building credit card and payday loan debt. Those who are still making ends meet will be working extra hard to keep on track. If these hard-working Americans do not start preparing now, there could be a boom in the payday loan industry.
There Are Options
What are some things that the average taxpayer can do to start preparing for a possible tax hike?
- Start building your credit score in case you need a bank loan.
- Pay down on credit card debt to lower the debt to income ratio, making bank loans or new credit cards more readily obtainable.
- Start a savings account and put as much as you can away if you end up with a tax liability.
- Talk with a financial planner or Certified Public Accountant to see if your finances will be affected in any other way. These professionals may offer a more involved plan for you to plan for the worse.
Seek and Research a Responsible Lender
Spotya! is a responsible customer service provider for lenders, looking out for more than just its customers. As a reliable partner in the payday loan industry, Spotya! wants people to be financially secure. These short-term loans help in emergency times, not to be used as a way of life. Taxes are a high priority bill, and planning for possible spiked costs is a financially sound decision.
Manage Your Subscriptions
Before you research to find a low-cost payday loan company, brainstorm to see if there is another avenue for you. Are there items around the house that you can sell on an online platform? These apps and online groups are great resources to make money on unused or unwanted items around your home. If you do sell your items, put those funds away so you will have them to pay for your inflated income taxes. Can you get rid of some of these monthly subscription fees that you are not using? It’s essential to manage what goes out of your bank account and pay for only what’s needed. For example, you may not need that Hulu, Roku, and Prime Video account. Are you able to consolidate to just one? Also, many times these subscriptions have the option to have multiple users, can you jump on another family member’s account? All these small fees can add up significantly per month, so manage these subscriptions in detail.
Financial Assistance in Paying Income Taxes
You have limited your monthly expenses and sold excess items around your home. There are still no funds to meet that unexpected income tax bill. When you have carefully decided it’s time to search payday lender options, know that you need to pay the loan off quickly. The longer you stay in the cash advance payment cycle, the more money you are throwing away. Similar to credit cards, if you do not pay off a chunk every payday, you will be paying too much finance charge. It’s fine to go to the route of a payday advance, as long as you know to make it a priority to pay it off. These low-cost cash advance loans can help in these emergency type situations. Payday loan lenders understand your financial goals and can assist you in attaining them.