Some one told me to hang on to my paycheck stubs and reciepts that i get from using my debit card...
why would i need to hold on to these things and when can i shred them??
2006-10-30 08:38:56 · 10 answers · asked by Anonymous in Business & Finance ➔ Credit
If you apply for a loan they may want to see your last three pay stubs, and for reciepts, one good reason to save them is because state sales tax is deductable on your federal tax for here in the US (I'm assuming you are a US citizen) so you can go back and add up all the sales tax and take this big deduction, or you may purchase an Item that you need to return. or you would like to keep trak of exactly how you spent your paycheck. but the reason are many. I would only keep 5 years of records. Because the IRS can only go back 4 years on an audit.
2006-10-30 11:16:13 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You will only need the last couple of paycheck stubs is your buying a house or something. As far as the reciepts If you live in a state that doesnot of a state tax you might want them for exact amount of sales tax you paid so it can be deducted
2006-10-30 08:53:43 · answer #2 · answered by ellc123 2 · 0⤊ 0⤋
I hang onto pay stubs so that I can look back and see how much more money I'm making now! :)
I only keep debit card receipts until I get the statement and see that the digits are correct. And then I shred them.
2006-10-30 12:57:40 · answer #3 · answered by OK yeah well whatever 4 · 0⤊ 0⤋
You should hold on to pay stub receipts for at least a year. Then compare it to your W-2 form at the end of the year to make sure that both are correct before you file your taxes.
Also if you live in a subsidized building they require at least 6 mos. of pay stub receipts.
2006-10-30 08:50:07 · answer #4 · answered by majean52 3 · 0⤊ 0⤋
it helps you if you think you didn't get paid enough, or if they got your W2's wrong at the end of the year.
(I found out the hard way that one former employer had reported to the IRS that I made $10K more than I made in the year I worked for them. . and I would have had to pay them (the gov't) an extra $3500 or so for taxes that year if I hadn't noticed the mistake).
They are (stubs are) proof of what you were paid for a given time period, and you should keep them for a few years at least.
2006-10-30 09:00:49 · answer #5 · answered by Wayne A 5 · 0⤊ 0⤋
Pay check stubs are good for showing you're trustworthy to car dealerships, mortgage lenders, and sometimes banks. Receipts are good to hold onto if you can write it off as a business expense if you have a business.
2006-10-30 08:43:38 · answer #6 · answered by Michael 2 · 0⤊ 0⤋
You never know when you may need to go back a few months to recover sales receipts or some other records.
I've learned to keep everything. Just put them in a box somewhere safe. After a couple years throw it away.
2006-10-30 09:26:20 · answer #7 · answered by Anonymous · 0⤊ 0⤋
well if you save them you can allways check if you have been overcharged! and go to the bank and have proof ! Same with paystubs , in case you haev an 409 plan you can always see if your employer has made his contributions etc . I usually save mine to just in case i need something for the taxes etc. i usually save it for a year .
2006-10-30 08:42:01 · answer #8 · answered by silverearth1 7 · 0⤊ 0⤋
you keep them incase this is a decrepency later down the road. put them in a safe place, it is true to shread them so its harder for your identity to be stolen. i keep all my check stubs especially for tax purposes or if they screw me in hours. plus if you want to buy a car or a house, you need to prove your income.
2006-10-30 08:47:43 · answer #9 · answered by MiaDiva28 6 · 0⤊ 0⤋
One that I can think of: A tax audit.
2006-10-30 08:46:34 · answer #10 · answered by freedomnow1950 5 · 0⤊ 0⤋