Published on: 27 November 2018
Last Updated on: 09 October 2020
You’ve probably gone to your computer to research online payday loans in Texas and instead been met with a barrage of negative information regarding payday loans. Most consumer advocates demonize this type of finance, saying it is predatory and that it needs to be banned because it does not help the average consumer. That is not true at all.
Repeat Customers:
What most detractors of the finance system do is that they focus on the supply side of this business. They don’t look at the demand side, which grows stronger and more demanding every day. What is it that makes borrowers come back for payday loans repeatedly?
In order to answer that question, you need to have an intimate understanding of the average borrower that relies on payday loans. This is typically a low to medium income earner whose wages cannot cover surprise expenses such as a broken-down car, medical expenses, or emergency funding for your business. They typically don’t have savings or investments or even the same incentives to save and invest that higher-income earners have. Their real wages have been on the decline since 1972, and so they find it harder every year to make ends meet adequately. Moreover, traditional banks have all but abandoned them and won’t touch them with a 10-foot pole — not since the financial disaster that began sometime in 2007. What recourse is there for such a consumer? What can they do and who should they turn to when their backs are against the wall?
Watch Out for Predatory Lending:
To be sure, there are some unscrupulous payday lenders that take advantage of borrower’s situations and harass them, making them live in constant discomfort over their loans. They also encourage them to borrow a lot more than they can ever hope to pay back, just so they can roll over the loans or take out other loans to pay the initial ones back and get trapped in a constant cycle of debt. But this isn’t all lenders. To begin with, the lending industry is well regulated with lenders being required to follow strict rules on what they can say or do when trying to recover their money from a borrower. They also aren’t allowed to take borrowers to court in many states.
The good lenders are having their name tarnished by a combined team of bad lenders and so-called consumer advocates who don’t quite understand or empathize with the dire situation of the low-income earners who need these loans.
These are people who typically have neither good credit nor friends and family from whom they can borrow money or ask for help. The payday loan is their last resort. Would it be fair to take that last resort from them and give them no alternative to replace it?
Take Only What You Can Pay Back:
There are also many borrowers who take just enough money to meet their emergency needs. They make sure it is something they can pay back with their paycheck, and they pay it all back on time. Just like there are lenders who encourage borrowers to take only what they can reasonably pay back, and do not harass them when they run late on payments. Payday loans are not evil. They are a quick solution to many of the needs of a certain otherwise abandoned section of society.
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It's estimated that in 2018, Americans spent nearly $340 billion on home remodeling projects. Home improvement loans are one of the best ways to sort out the problem of home renovation.
If you're planning to make some changes to your home, you may find that a home improvement loan is the only way you can get the job done.
But finding a home improvement loans isn't easy, and sometimes it can be difficult to figure out how you can find the right loan, at the right price.
Below you'll discover how you can find the best home improvement loans for your renovation project. Read on, and you'll discover how you can give your home a fresh look, without having to wreak havoc on your finances.
Decide What You Want to Use the Loan For:
Before taking out the loan, it's a good idea to think about how you're going to spend the money associated with the loan.
In doing so, it becomes easy to work out how much you'll need to borrow. This then prevents you from over-borrowing and ending up with more debt than necessary.
Now, if you don't know how much a particular home improvement project is going to cost, it's probably worth speaking to some contractors.
If you can provide these contractors with an accurate representation of what you want to achieve, they should be able to give you a quote.
If you can, try to speak to more than one contractor. This'll help develop a realistic average of what the project is going to cost.
How Can You Fund the Home Improvement Project?
There's more than one financial 'instrument' you can use to fund your home improvement project.
For instance, there's the typical route of obtaining a home improvement loan.
Now, home improvement loans can often sound like a good idea, but you'll find that such loans aren't always the best option.
This often comes down to the fact home improvement loans tend to be unsecured, and this makes them a risky bet for lenders.
This risk can also mean that the interest rates are going to be high. On top of this, you'll find lenders will offer relatively short repayment periods associated with these loans.
The other option is to go for a personal loan.
Again, this kind of loan is unsecured, and this can make such loans pricey. But, if you have good credit and a steady income, lenders might be willing to offer you a personal loan at a reasonable rate.
One of the good things about a personal loan is that you may have a favorable payment term that gives you plenty of time to pay the money back. If you'd like to learn how you can find the best personal loans, check this out.
There's also the option of funding your project using a credit card.
Now, for many people, this should be considered as a last resort. This is because the interest rates on a credit card can be very high. But if you can find a credit card that offers 0% APR, this might be a worthwhile option.
Speak to Many Lenders:
Once you have a decent sense of how much the project is going to cost you, it's the time to approach some lenders.
It's worth noting that some lenders will have different requirements to others. Often, you'll have to fill out an application, and the information you provide will determine whether you receive the loan.
If you find your application is successful, you may have to approach another lender. You may also need to think about funding your project, using a different strategy.
Manage Your Project Carefully:
Once you receive your funds and begin remodeling, it's vital you manage your project carefully so that it doesn't go over budget. If this happens, you'll need to lend more money, and this can increase your debt burden.
At the very least you need to keep a close eye on the contractors and ask them about their progress daily. Ask them to provide you with projected deadlines, and then check in with them to ensure they're going to meet these deadlines.
It's essential you do this, as contractors often charge you a daily rate. If the project goes over schedule, you may end up needing to spend more than you budgeted for.
Can You Reduce the Price of the Project?
Before the project begins, you might want to ask your contractors if there's anything you can do to help lower the cost of the project.
If you take certain cost-cutting measures, you may find that you don't need to use the entire loan. This then means you can repay the loan faster, thereby reducing the amount of money you spend on interest payments.
Taking this step is important, as it can reduce the stress associated with having to find the 'perfect' home improvement loan.
For instance, the contractors might say that things will work out cheaper if you source the materials needed for the project.
You can then ask them what they need, and you can go to your local hardware store and order these items.
You might also want to ask the contractor if there are any simple tasks that you can help them with.
So, if you're looking to renovate a bedroom, there may be some closets that are 'built into' the room, of which you no longer want.
If you take the time to remove these closets, the contractor doesn't need to spend their time on this task. This then lowers the amount of money they'll charge you as their workload is now reduced.
Do You Know How to Find the Best Home Improvement Loans?
If you want to give your home a fresh look, home improvement loans can help you get the job done, without having to spend all your savings.
That said, you want to make sure you do everything you can to limit the amount of money you actually need to borrow. You also want to make sure you speak to a broad range of lenders so that you can find an affordably priced loan.
Yes, it can be scary to borrow money for a home improvement project. But if you follow the tips in this post, you should be able to minimize your stress levels.
Thinking about remodeling your kitchen? Check out this post to learn about the best countertops you can use.
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You can not say enough about how important it is for businesses, especially big ones, to manage their payroll well. As an essential component, a seamless payroll system ensures that employees are compensated accurately and timely, fostering a content and motivated workforce.
However, managing payroll for a large business can often be a Herculean task, with numerous complexities and challenges. In this article, you will explore the seven best tips to help business owners streamline this critical process.
1. Put A Payroll Policy In Place
To ensure smooth payroll management, establish a clear and comprehensive payroll policy. This document should outline the payment schedule, overtime rules, deductions, and other relevant policies. By doing this, you create consistency and transparency, reducing confusion among employees and promoting compliance.
Further down the line, integrating an automated payroll system can significantly bolster these efforts. Such a system streamlines the execution of the established payroll policy by automating the calculation of deductions, taxes, and overtime, ensuring employees are paid accurately and on time. This integration reinforces the principles of consistency and transparency and alleviates the administrative load, allowing your team to dedicate more time to strategic priorities.
2. Set A Payroll Budget
Add up all the costs of paying employees, like salaries, benefits, and taxes, to get a realistic payroll budget. This budget serves as a financial guide, helping you allocate resources effectively. To keep your business's finances stable, review and update the budget regularly to account for changes in staffing or pay.
3. Categorize Employees
Categorize your employees based on their roles and responsibilities. Classify them as full-time, part-time, or temporary workers. This categorization is crucial for accurately calculating wages, benefits, and taxes. It also helps in compliance with labor laws and ensures that each employee receives the appropriate compensation and benefits based on their employment status.
4. Develop A Payroll Calendar
Creating a payroll calendar is like having a roadmap for paying your employees. It helps you stay organized and ensures that everyone gets paid on time.
With that in mind, break down the calendar into clear milestones, such as when to collect employee hours, process payroll, and distribute paychecks. This way, you can avoid last-minute rushes and keep your payroll process smooth.
5. Maintain Proper Compliance
Compliance with employment laws is crucial, so stay updated on local, state, and federal payroll, taxes, and employee benefits regulations. This includes understanding minimum wage laws, overtime regulations, and tax withholding requirements. However, regularly review and update your payroll processes to align with any changes in legislation, preventing legal issues and fines.
6. Conduct Regular Audits
Audits are like check-ups for your payroll system, so regularly review your financial records, tax filings, and payroll transactions to catch any errors or discrepancies. This helps maintain accuracy and ensures your employees receive the correct compensation. Addressing issues promptly can prevent financial discrepancies and maintain trust with your workforce.
7. Invest In An ESS
This tool empowers employees to access their payroll information, update personal details, and view pay stubs independently. Aside from that, this reduces administrative burdens, enhances accuracy, and fosters transparency.
Investing in ESS technology streamlines communication, saving time for both your HR department and employees. This modern approach can boost efficiency and employee satisfaction.
Have An Effective Management In Payroll
Indeed, mastering the art of payroll management is pivotal for large businesses seeking sustained success and operational efficiency. By implementing the best practices outlined in these tips, you can confidently navigate the complexities of payroll on a larger scale.
For specialized support tailored to the unique needs of large enterprises, explore the benefits of professional payroll services for large business. Take charge of your payroll processes and pave the way for a more efficient and successful future.
5+ practical payroll tips and tricks for businesses
In case you are effectively managing payroll, several variables must be considered carefully. Below, I will discuss 5+ helpful payroll tips and tricks for businesses.
1) Get An EIN
Any business with employees or plans to hire them must have an employee identification number (EIN). The IRS uses an EIN of the companies, through which you can track payroll tax payments and business income taxes. Furthermore, firms can hope to hire workers at some point with the advantage of obtaining an EIN sooner instead of later.
One of the fastest ways to get an EIN is by fax, telephone, or mail. The app procedure is usually straightforward, requiring an applicant with a valid taxpayer identification number.
2) Accurately Classify Workers
To expand workers properly and capitulate with IRS and other state requirements, you must categorize them correctly. Workers are complicated as employees or independent contractors and their requirements. That is why businesses must comply with the tax contribution along with withholding laws. But not other contractors.
3) Set A Budget
This is important to understand clearly what affects payroll expenses. This will depend on your company’s expenses. Above all, businesses must always have enough cash to pay employees in total and timely. Payroll is one of the significant expenses that is often higher than other employers anticipate.
For example, employers are legally required to match with Social Security and Medicare withheld from an employee’s pay. Furthermore, companies that offer benefits like health insurance can consider costs.
4) Create A Payroll Schedule
You can set a payroll schedule that works with the cash flow of your business required to help discourage cash flow crunches. But it is also essential to comply with other federal and state laws. The pay period should also be consistent regardless of your choice.
5) Keep Policies Simple And Clear
The more complicated the payroll regarding policies surrounding attendance and other benefits, the more complex the payroll procedure becomes. The less this is, the more employees can easily understand your policies. After all, establish guidelines that include exactly how and when employees can get paid and several other things.
In this case, creating and maintaining a clear and concise payroll policy document and updating information are also necessary.
6) Be Transparent With Your Employees
Employees can harm morale if this is due to miscalculated paychecks or confusion regarding how payroll policies are designed. This is also important in how they feel comfortable, and concerning any payroll-related problems with the manager, it will ensure all issues and other possibilities.
Beyond damage control, consider transparent payroll policies that explain the payroll procedure. You should also keep the payroll management standardized across the entire information.
7) Keep Through Payroll Records
This is a crucial practice if you want to keep the payroll records accurate. After all, this can help businesses get a better picture of several critical pieces of information, such as payroll costs, productivity levels, and tax payments. But certain payroll records are also required legally. Conversely, violations can also result in cost fines levied by the Labor Department and other state agencies.
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You're filing your tax return at the last minute. You gather all of your documents, but you notice that your W2 form is missing.
The W2 shows your main source of income. You cannot file your tax return without it. Moreover, you only have two days left to file your taxes. You wonder if your employer sent it to the wrong address.
What do you do?
File your tax return even if you haven't received it. With that, contact your employer to see if human resources or payroll can send it to you. If your employer can't provide it, contact the IRS immediately.
They might also provide the W2 you need digitally. This article will show you how to get a copy of your W2 online without hassle. Read on if you wish to get your W2 quickly.
Contact Your Employer:
The best place to get your W2 is from the payroll department. However, you can also use human resources as a guide.
If your former employer is out of business, the people who worked in the payroll department could still send it. Also, ask your employer if the company sent it to the wrong address.
Additionally, confirm the appropriate address with the higher-ups. Further, ask them if they can send your W2 digitally to save time.
The IRS Route:
The IRS can also send your W2 online. Go to the official IRS website to submit an online request. However, ensure that you have the following information before contacting the IRS:
Employment Dates
SSN
Address
Appropriate estimate of income and/or wages
From there, the IRS can send your W2 with ease. If you received no W2 whatsoever from your employer, you can use Form 4852 to replace it. Use your pay stub information to fill out Form 4852.
If your W2 form gets lost, contact the IRS to note the issue. A lost W2 form can result in someone filing in your name or stealing your personal information. Contacting the IRS will alert them in case any irregularities arise.
Contact the SSA:
Your employer first sends your W2 to the Social Security Administration (SSA). After the SSA processes your W2, officials send it to the IRS. Therefore, you can also get your tax records from the SSA if you're unable to get it from your employer or the IRS.
Note: Getting your W2 from the SSA is usually free. However, you'll face a $86 charge if you need it for purposes not related to your SSN. Filing a state or federal return falls under the non-related category.
If you need to contact the SSA about your W2, you'll need the same info as the IRS would need, such as your SSN and your address.
What if I Cannot Get My W2 in Time?
If all else has failed, you can file an extension with the IRS. You can also note that you lost your W2. Read this article to discover other alternatives.
How to Get a Copy of Your W2 Online:
If you need to know how to get a copy of your W2 online, contact your employer first. There is a chance that your employer forgot to mail it. The IRS and the SSN are your next best alternatives.
Filing your tax return without your W2 is not a major issue.
If you cannot pay your taxes on time, you have options at your disposal. For more information on what to do if you can't pay your taxes, visit this page to weigh your alternatives.
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