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. 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. Keep reading to learn more on why you should keep your pay stubs.
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.
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. 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.
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.
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. If you are not keeping your copies of your pay stubs, these are some of the benefits you could be missing out on.