Home Business Lifting the Burden of Proof: How to Show Proof of Income When...

Lifting the Burden of Proof: How to Show Proof of Income When There Is No Paper Trail

323
0
Lifting the Burden of Proof: How to Show Proof of Income When There Is No Paper Trail

You’re desperate for a new rental apartment—but how can you get approved if you don’t have a regular income?

Showing proof of income can be hard if you’re working under the table or if you have unreliable freelancing income. However, you often need to demonstrate your earnings so that you can move homes, apply for a loan, or refinance your home.

If you need to figure out how to prove your income when there’s no paper trail, keep reading to find out just how to do it!

Bank Accounts Are Great for Showing Proof of Income

When proving your income, one of the best ways to demonstrate how much you earn is via your bank account. You can print out your bank statements and highlight the deposits, showing when income was deposited to your account.

Regular deposits show proof of how much you earn, which will be useful for mortgages or rental applications. You can black out private details on your statement to protect your information.

Ask Your Employer for a Letter

If you’re having trouble proving income, you may want to ask your employer if they can help. They might be able to draft an official letter, stating that you’re employed by the business and that you make a certain amount of money each week.

Even if the amount you earn varies week by week, a letter can be a good starting point if you want to be taken seriously for a loan.

Make Your Own Pay Stubs

When you’re working for cash or working under the table, showing proof of income with paycheck stubs could be your best option.

While all self-employed workers know they need to pay tax, it’s tough to verify income when you’re paid in cash. Luckily, there are plenty of online sites that make it easy for you to make your own official pay stubs, documenting how much you earn each week.

Show Your Tax Returns

Another official way to show your income is with your tax returns. After declaring your income for the year, you’ll receive a document from the IRS called the W-2 form.

This form is an official record of how much money you earned and how much tax you’ll need to pay. It’s a good idea to keep your W-2 forms from recent years, in case you need them for documentation.

Proving Your Income Is Easy With These Tips

Sometimes in life, you simply have to show proof of income. If you need to demonstrate your earnings, use the tips above to get started.

You may find that a combination of several of the above are needed, but they’re sure to offer you the support you need to apply for a loan or rent a new apartment.

Get started today and you’re sure to get approved for your dream apartment, no matter what sort of job you have!

Was this article helpful? If so, please read on for more useful tips.

LEAVE A REPLY

Please enter your comment!
Please enter your name here