Are you finding it difficult to show proof of income for an application?
Proof of income is one of those tricky things that we all need from time to time. But we’re not always prepared for it.
There are many different ways of working, and not all of them come with monthly paychecks. So, the trick is to find some clear-cut proof of your income another way.
Well, in this article, we take you through five of the best ways that you can show proof of income so that you can succeed at any application. We have all your financial solutions covered!
1. Generate Your Own Pay Stubs
Generate your own paystubs? Can you really do that? Yes!
You can create paystubs so you can apply for a car loan, a lease, or anything else. All you have to do is to use an online paystub generator. You just plug in your details and away you go!
2. Use a Business-Only Account
Another way of showing proof of income is to provide your bank statements. The problem with this is that doing so will show a lot of things other than your income.
For this reason, it is useful to keep a designated bank account for your income, and particularly your self-employment income. That way, it’s quick to produce, and it’s easy to see the income going in.
3. Tax Returns
Proof of income for self-employed people can be a strenuous thing to do when you are busy running a business. But the fact is that you already report your income another way: through your tax returns.
So, why not turn two financial solutions into one? Just submit your tax return alongside your application and it should be crystal clear what you are earning.
4. Paystubs from HR
In the modern world, we have mostly gone digital. This means that paper paystubs are a thing of the past. But companies are still obliged to produce them in some form.
So, if you go to your HR department, you should be able to ask for a copy of your paystubs. Paystubs for car loan applications and the like are a quick and easy solution—all you have to do is ask!
5. Make Your Own Financial Reports
If you run your own business, a good way to show proof of income is to keep regular reports of your business finances. This not only helps when you need to prove your income, but it will actually help you run your business better.
By understanding exactly what is coming in and what is going out, you will be able to make smarter decisions about your business spending.
Financial Solutions Are Easier to Find When You’re Organized
You should now have a good idea of how to show proof of your income. But hopefully, too, you’ve got the idea that organizing your finances is a critical step to doing so.
When you have everything recorded and organized, financial solutions like showing proof of income are just way easier to find!
If you’ve found this information useful, why not check out some of our other great articles on personal business topics?