Advantages Associated with 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. The pay stubs are important for a variety of reasons and the information on them can come in handy during various situations that you should know about. You can discover more on the importance of keeping pay stubs below.
You need pay stubs for proof of income; if you find yourself in a situation requiring proof of income, pay stubs really come in handy, plus they are the most widely accepted documents. 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.
Filing of taxes can be completed with the help of different documents including the W-2 form, however, you can always file your taxes before you have received this form if you maintain a copy of your pay stubs; this helps in gaining an upper-hand on receiving your refunds. Maintaining copies of your pay stubs is important when submitting rental or credit application; when you are applying to be a tenant or for a loan, they can be used to prove your identity and a great way to show proof of your income.
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. 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.
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. In case you are not keeping any financial records, maintaining copies of your pay stubs is a good place to start. If you are not keeping your copies of your pay stubs, these are some of the benefits you could be missing out on.
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