Finding Parallels Between and Life

April 10, 2021

Miscellaneous

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How to Show Proof of Your Income

Self-employed people cannot take part in some activities without showing proof of their income, you can read more here, or visit this website to know more about these information. For instance, if you want to rent new apartment, some real estate firms will insist of having your proof of income, read more now, or click this page. Even the financial lending institutions in the field will ask for proof from any client requesting for loan. So, even the self-employed individual must show proof of their income before they can access some services in the field. In this article, you will learn some of the various ways you can use to show proof of your income.

Bank statement. One way you can use to show proof of income is by the use of 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. So, if a real estate agent or a lending institution ask you of proof of income, do not worry, use your bank statement. Getting bank statement is easy, you can contact your banking service providers, or get it online via the bank’s app.

Secondly, you can use your tax return slip to show proof of your income. The law of different states in the world, requires every adult citizen to file tax return. The tax return shows individuals income for the whole years. So, the tax return document is one of the legal things one can use to show proof of 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. To get your tax return document, download it from your portal at the revenue authority website.

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. Many people think that it is only the civil servants that can use pay stubs and W-2 system, but the reality is that even the self-employed individuals can use it to pay themselves. Many self-employed people are advised not to worry themselves with filling 1099, or directing payments to personal accounts, instead, they can use W-2 to pay themselves. After paying yourself using W-2, you can generate the pay stubs weekly or monthly. The documents generated weekly or monthly from pay stubs can be used as proof of income.