Advantages Associated with Keeping your Pay Stubs
The idea of keeping pay stubs, paper or electrical may seem unnecessary to you now but you might soon realize how important they can be and regret your decision of not keeping a copy from the beginning as shown here. Despite the clutter they may create, you should make a plan to keep a copy of each of your pay stubs on this site. 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. Highlighted below are compelling reasons why you should be keeping your pay stubs on this website.
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.
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.
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. 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.
You should also maintain the copies for financial records; since you never know when you may need the copies, you are advised to maintain them for at least one year o keep a record of your earnings. In case you are not keeping any financial records, maintaining copies of your pay stubs is a good place to start. There are many reasons for keeping pay stubs these are just some of them.