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! You can use pay stubs for more than just learning more about the amount of your direct deposit. 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. 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.
Keeping copies of your pay stubs helps in accurate filing of taxes even if you don’t file them by yourself; maintaining copies of these documents helps in providing the information needed during filing of taxes. If you are applying to be a tenant or for a credit, you may need to provide your last few pay stubs which is why you should keep the electrical or paper copies; they show proof of income for your rental and credit application.
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. 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. 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.