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. Despite the clutter they may create, you should make a plan to keep a copy of each of your pay stubs on this site. There are amazing benefits and important reasons for keeping pay stubs, most of which you can learn here! You can discover more on the importance of keeping pay stubs below.
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.
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. 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. 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.