Key Benefits of 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. 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. 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. 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. 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.
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. If you are not keeping your copies of your pay stubs, these are some of the benefits you could be missing out on.
Recommended reference: https://amandanash.mystrikingly.com/blog/compelling-reasons-to-keep-your-pay-stubs