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. The majority of people may be reluctant to keep pay stubs because of the clutter they cause which is understandable, however, you should still find an organized way of keeping the paper pay stubs now! 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.
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. Pay stubs are beneficial for identify verification purposes; when opening a bank account or submitting applications, you will be required to provide proof of identity and since every pay stub shows social security number and other personal details, they aid in proving your identity.
Keeping copies of your pay stubs helps in accurate filing of taxes even if you don’t file them by yourself; maintaining copies of these documents helps in providing the information needed during filing of taxes. 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.
Keeping copies of your pay stubs is beneficial in keeping track of the hours you work; if you are paid hourly, each stub will detail the number of hours you have worked in that period, thus keeping track of everything. If you have never imagined being the subject of a tax audit from the tax agencies, know that it can happen at any time and copies of your pay stubs can further cement the information from your tax filings.
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. If you are not keeping your copies of your pay stubs, these are some of the benefits you could be missing out on.