How to Provide Evidence of Your Income
There are some activities that you cannot get involved in if self-employed unless you show proof of your income, you can click here for more info. For instance, today, if you want to move into a new apartment, the real estate agents will ask you for proof of income, you can read more now on this homepage. Apart from the real estate agents, and companies, you cannot request a loan from any financial institution without showing proof of your income. Therefore, even if you are self-employed, you must find ways to show proof of income to gain access to various services in the market. These are some of the various ways one can use to show proof of income.
You can use a bank statement. One of the effective way to show proof of your income is by using bank statement. If you are have been making deposits into your account whether self-employed, the bank as all the record of your account since it was opened. Therefore, if you want to rent an apartment or request loan from any financial institution, you can use your bank statement to show proof of income. Accessing your bank statement is not difficult, you can get a print one from your banking service provider, or download online from the bank’s website or app.
Another important document you can use to show proof of income is your tax return. The law of different states in the world, requires every adult citizen to file tax return. The return will show a citizen’s income for the whole year. Tax return document is one of the documents that is accepted in many institutions as proof of individual’s income. Therefore, if you want to borrow money from a lending facility, the other best document to use as proof of income is your tax returns. If you want to get a tax return document, it is simple, download it from your portal at the website of the revenue collection authorities.
The easy way you can use to show proof of your income is by paying yourself if self-employed using pay stubs and W-2. Majority of people think that only individuals employed by the government should use pay stubs and W-2, but even the self-employed people can pay themselves using this system. Therefore, instead of filling out a 1099, or directing payments into your bank, you can pay yourself using W-2. After paying using W-2, it is possible to generate pay stubs weekly or monthly. The documents generated weekly or monthly from pay stubs can be used as proof of income.