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! Highlighted below are compelling reasons why you should be keeping your pay stubs on this website.
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. Another reason for keeping your pay stubs is rental or credit application; since none of these can be completed without proving proof of income or identity, providing the most recent copies of your pay stubs usually helps.
Every employee who is paid hourly needs to keep track of the number of hours they are working in each pay period to ensure accurate payment and for solving any issues that may arise, and maintaining copies of each of your pay stubs is te way to do it; it is easier to keep track of the hours you work this way. Keeping copies of your pay stubs also get you ready for a tax audit; since you don’t know when the state or federal tax authorities may come knocking to audit your records, submitting copies of your pay stubs can support the information you provided.
If you want to keep your financial records, start by maintaining copies of your pay stubs for at least one year before shredding them just in case since you will not need them all the time. 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.