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. 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. 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. 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.
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.
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. 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.
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. 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. There are many reasons for keeping pay stubs these are just some of them.