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With the ability to scan documents and upload them to Dropbox or Google Drive, you could potentially hold on to your paystubs forever. While digital storage can make it easy to hold on to financial documents longer, there will still come a point where you'll want to delete files, or you'll get tired of scanning.
This is when it can be helpful to know which financial documents you actually need to keep forever. This list is fairly short and includes:. Apart from these documents, there is a safe time at which you can part with most other financial records. While paycheck stubs are important for verifying proof of income , they're not one of the financial documents you need to hold onto permanently.
As a general rule of thumb, it is a good idea to hold on to pay stubs for at least one year. You'll need your paycheck stubs every year when you pay your taxes. They are important for reconciling your W-2 form and Social Security Contributions. By keeping your paystubs, you'll be able to ensure that you're paying the right amount in taxes. Once you have paid your taxes, however, your tax returns will serve as an accurate record of how much money you made that year.
You should hold on to these documents, and discard the paystubs. When you're ready to get rid of your paystubs, it is important to discard them properly. Otherwise, someone could get a hold of your personal financial information. Keep payroll documents as long as needed but no longer than reasonable to prevent confidential information from being released.
Find Charlette On LinkedIn. Charlette Beasley is a writer and editor at Fit Small Business focusing on payroll. With more than a decade of accounting and finance experience, Charlette has worked side-by-side with HR and accounting leaders to establish and help implement payroll best practices, controls, and systems. Her experience ranges among small, mid-sized, and large businesses in industries like banking and marketing to manufacturing and nonprofit.
Heather Landau is a staff writer at Fit Small Business, specializing in all things payroll. Throughout her career, she has worked to help hundreds of small business owners in managing many aspects of their business, from bookkeeping to accounting to HR.
Sign up to receive more well-researched small business articles and topics in your inbox, personalized for you. Fit Small Business content and reviews are editorially independent. We may make money when you click on links to our partners. Learn More. Published August 17, Table of Contents. Most of this information can be found on hiring docs, pay stubs, and timecards, including: Full employee name, gender, and Social Security number Full residence address with ZIP code Job role job title or function Pay type hourly, salaried, commission.
Hours worked and pay rate Earnings by type regular, overtime, additional Total net earnings Date of payment and work period pay period.
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