Key Benefits of Keeping your Pay Stubs
If you are not keeping a copy of your pay stub every time you are paid, perhaps it is time to start because these documents are valuable in more ways than you can imagine. It is no secret that keeping the pay stubs can cause unnecessary clutter in your home or office, but if you know their importance shown on this website, you shouldn’t mind. There are amazing benefits and important reasons for keeping pay stubs, most of which you can learn here! Keep reading to learn more on why you should keep your pay stubs.
When you want you are applying for a loan or want to rent a property, you will be required to provide proof of income and a copy of the most recent pay stubs are most acceptable documents in such situations. There are a few situations where you may have to verify your identity or prove that you are who you say you are and the fact that the pay stubs are from an employer combined with personal details like social security number are enough to verify your identity.
Pay stubs are not only important for keeping tabs on your paychecks but during filing of taxes too; filing of taxes is usually easier and more accurate if you have copies of your pay stubs even if you don’t file the taxes yourself. If you are applying to be a tenant or for a credit, you may need to provide your last few pay stubs which is why you should keep the electrical or paper copies; they show proof of income for your rental and credit application.
Its important to know the number of hours you are working in each pay period if you are being paid per hour, hence, the importance of keeping a copy of each pay stub your receive, either electrical or paper-based. Whether you are self-employed or working for a company, you need to maintain an accurate financial record to protect yourself during tax audit which is when the copies of your tax stubs may come in handy.
Keeping pay stubs is important for financial records which is essential for a variety of reasons; it is true you may not need these copies at all times but it is safer to keep them just in case. If you want to keep any records, you should start by keeping copies of your pay stubs now that you know how important they can be and the instances when they may be required. There are many reasons for keeping pay stubs these are just some of them.