Key Benefits of Keeping your Pay Stubs
When you are enjoying your hard-earned money every time you are paid, don’t forget to keep a copy of your pay stub because of its importance discussed on this page. 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.
Keeping your pay stubs may seem unnecessary but you will need them if you need proof of income; you may not have thought of such a situation until you find yourself in one and if you usually keep your pay stubs, you will have the solution at hand. 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.
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. In case you are not keeping any financial records, maintaining copies of your pay stubs is a good place to start. You should start keeping your pay stubs for the reasons discussed above.