Why Every Truck Driver Needs To Keep Their Check Stubs?
Approximately 350,000 truck drivers are owner-operators in the United States. This means that a large percentage of drivers are self-employed and may not realize the benefits of keeping paystubs. Truck drivers also may not realize that tracking payments does not have to be time-consuming or costly.
For self-employed drivers, check stubs can provide proof of income when it comes to requesting credit services. Keep reading to learn more about how check stubs can benefit you and your business.
Proof of Income
Everyone, self-employed or not, has to show proof of regular income when applying for a loan such as a mortgage, auto loan, or business credit. Keeping and filing your stubs will help you show where your business income is coming from.
Pay stubs can also help truck drivers create an accurate profit and loss statement which most banks accept as proof of income. A profit and loss statement shows how much income you receive on a weekly or monthly basis. It then calculates the profit of your business based on your expenditures and income.
Bank statements, too, are accepted as proof of income. However, it is important to make sure they are correct. Pay stubs can be used to check the accuracy of bank deposits. This will ensure valid reporting of business income and account balances.
Many of us dread tax time. It can be especially difficult for business owners due to the additional documents and regulations associated. Tax documents do come in handy though when it comes to credit services. Self-employed truck drivers are required to provide specific business tax returns when applying for a bank loan.
This means that tax documents must be correct and reliable to provide valid proof of income, loss, and assets. Keeping copies of your invoices along with the check stubs or credit forms that show payment will make accounting and tax preparation easier and more accurate.
It will also make tax filing a breeze so you can get back to what really matters--your business.
Other Credit Sources
Social security, pensions, life insurance, and many investment programs require monthly financial statements to prove income. While this may seem as simple as providing check stubs or bank statements, many truck drivers get paid in a variety of ways that are not always included in these traditional forms.
It is essential not to leave out any type of payment. Track and log income from all types of clients and payment forms, including digital payments such as e-check services, PayPal, or Venmo. This will make sure your monthly statements are correct and prevent any consequences from misreporting.
The Simple Way to Track your Check Stubs
We know that owning your own business leaves little time and budget for extra duties and error. Tracking your paystubs doesn't have to be difficult and time-consuming. It also does not have to require administrative costs associated with printing, copying, and labor.
With our online paystub generator, truck drivers like you can easily create digital payment documentation in less than 2 minutes. The stub will be saved in our portal and e-mailed to you for your records.
We also provide W2 forms to make tax preparation and applying for credit loans even simpler. With our services, you can spend less time tracking your payments and more time on the road.