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Understanding Proof of Income for Self-Employed and Different Ways to Do so

There are some services that you can’t get if the service provider doesn’t know where you get your money and the source and for that reason, you must proof to show that you are in a position to pay for the services. As a self-employed person, you must show that you have a reliable and steady source of income for you to get things like loans since the lender has no direct touch with your money and hence he or she may fear that you might not be in a position to pay for the loan. To know more concerning proof of income, you need to ensure that you continue reading this article.

When proof of income may be needed. There are various areas where you will be required to show that you have the ability to pay for the kinds of services you are getting like when in need of tax audits, buying insurance, taking a loan, rent ad mortgage payments, and car payments amongst others. Its important to have the right documents with you if you want to be trusted with such services and hence preparing proof of income will be the only option. Lets now discuss how you can get to prove your income.

One of the documents that you can give out is the bank statements. You should look for a bank statement and give out for that is a valid document that shows the money you have and your financial sources and for that reason, it will serve as a proof to the person who wants to know your financial strength. This document talks more about your transactions and it does not only show the amount you earn from the employer but also from other sources including what you deposit and the amount you spend.

Another way to prove your financial strength is through tax returns. Another way through which you are going to show for this process is the tax returns so if you have it and you don’t have other documents you can also show it. You can also use this document but the problem is that it normally shows the transactions that you have done in the past and it could even be after a year.

You can also prepare your pay stub. Commonly, pay stubs are known to be generated by the employers to the employees but since you are your own boss, you can also create your pay stubs and present as proof of income. You do not need to hire anyone for this since there are pay stub makers that are used to generate pays stubs with ease.

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Updated: November 20, 2020 — 8:19 pm
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