Benefits of Keeping Your Proof of Income
Many people are hesitant to keep their stubs for income, even with helpful sites. But there are many benefits of keeping your proof of income. For one, it’s always nice to have a physical copy rather than just relying on the confirmation email you received from the company. Plus, if something happens with your account, you will have all of your information readily available. Below are the benefits of keeping proof of your income.
Protects Your Information
A benefit of keeping your proof of income is that it protects you from potential identity theft. Anyone who has access to this form can see how much money you make. The information could put a target on your back if criminals want to steal your financial information or use a fake check against you. Thanks to the technology in today’s world, identity theft can happen to anyone, so it’s essential to take the necessary steps to protect yourself.
Allows Easy Access
You can easily access it whenever you need or want it. It is excellent for providing proof of income for a loan or other financial transaction. Since the stubs have a specific date, there is no confusion about providing enough evidence.
You don’t need to worry about losing your pay stubs in a drawer somewhere because it is easy to access them from anywhere. They can also be easily shared with someone using an email or other electronic device for transmission.
Helps During Emergencies
Having proof of income is great to have in case of an emergency. For example, if you need to make an appointment with the doctor or dentist but do not have any money on hand.
Having proof of income will help them understand your situation, and they can work something out for payment options.
Comes in Handy When Being Audited by IRS
If you get audited by the federal tax agency, you must provide your pay stubs. It’s best to keep them in order and organized for quick access when the time comes. If you do not have any proof of income, they can automatically assume it’s fraud. It could result in a penalty fee on top of what you owe already, which could be quite costly.
Overall, there are many benefits of keeping your proof of income. It’s a great way to protect yourself from identity theft, have quick and easy access to it when you need it most, helps during emergencies, and come in handy if audited by the IRS. Make sure to keep them in a safe place and organized so you can find them quickly when needed.