Compelling Reasons to Keep 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. Despite the clutter they may create, you should make a plan to keep a copy of each of your pay stubs on this site. You can use pay stubs for more than just learning more about the amount of your direct deposit. Highlighted below are compelling reasons why you should be keeping your pay stubs on this website.
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.
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. 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.
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. 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.
You should also maintain the copies for financial records; since you never know when you may need the copies, you are advised to maintain them for at least one year o keep a record of your earnings. 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.
Source: you can find out more