Compelling Reasons to Keep 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. You can use pay stubs for more than just learning more about the amount of your direct deposit. Highlighted below are compelling reasons why you should be keeping your pay stubs on this website.
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. Proof of identity is another reason why you should keep your pay stubs; there are situations when you might have to prove you are who you say you are, and the information listed on your pay stub can help.
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. 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. Since you have to submit these documents to lease your next home or obtain financing, you can see how keeping them is important. You should start keeping your pay stubs for the reasons discussed above.