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February 16, 2021

Miscellaneous

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How to Show Proof of Your Income

If you are self-employed, there are some things that you cannot do without showing proof of your income, click here to learn more. 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. 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 the self-employed people are affected and must provide a legit proof of their income to access various services in the field. Here are the various ways by which one can show proof of income even if self-employed.

You can use a bank statement. One of the effective way to show proof of your income is by using bank statement. Even if you are not employed by the state authorities, if you have been saving some money from in your account, the bank has all the records to act as proof of all the transactions. 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.

Use 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. So, the tax return document is one of the legal things one can use to show proof of income. For that reason, do not worry if you want to borrow a loan from any lending institution an asked for proof income, use your tax return paper. 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. 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 you generate using the system will act as proof as your income.

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