Are you leaving money on the table at tax time?
As an independent contractor, you probably know you can list your work vehicle as a deduction. However, what you might not know is there’s a big difference between listing your total vehicle expenses vs the mileage. Experts say deducting your mileage is the most cost-effective choice since the standard rate for mileage is 58 cents a mile.
Keeping thorough records is the best way to make tax time a breeze. That’s why we suggest creating paystubs to help verify your income. What exactly should you put on an independent contractor pay stub?
Read on to learn how to make a self-employed pay stub.
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What Goes on an Independent Contractor Pay Stub?
What information needs to go on a self-employed pay stub? When you’re making an independent contractor pay stub, it’ll need to include personal information. Your full name, the company name, as well as the state you live in, will need to be present on the check.
Next, you’ll need to dictate the number of hours you worked as well as the agreed-upon pay for those hours. Finally, include any withholdings and deductions.
While this may sound like a lot of information to remember, don’t worry. Once you access a pay stub generator it’ll become easy to fill out the template.
How to Make a Pay Stub Online
What are the steps you’ll need to follow once you’ve chosen an online generator?
Here’s what you’ll need to do:
- Enter your company name
- Add your company logo
- Provide the company address and phone
- Add the company EIN or SSN
- Input your Personal Information
- Add all pertinent salary information
- Preview the paystub
Keep in mind that depending on the generator you choose, the steps may be in a different order or vary slightly.
Benefits of Making a Self Employed Pay Stub
Why should you be pay stubs for each job you complete? There are 3 major reasons for independent contractors to make and keep records of pay stubs.
First, if you’re in charge of team pay stubs will make it easier for you to manage your team’s paperwork. Next, creating paychecks that reflect proper earning amounts, will make tax season easier than ever before.
Finally, nothing exudes professionalism like keeping track of your income with pay stubs. If for any reason you need to prove your earnings, like for a financing opportunity, you’ll have digital access to all of your financial records.
Master Your Finances
Now you know what goes on an independent contractor pay stub and the best method for creating one. What business benefit will you be looking forward to the most?
Are you excited to have a professional approach to handle your company’s finances? Or are you glad that you’ll finally have a way to prove your income?
We hope our article will inspire you to start making pay stubs for yourself today. For more articles like this one check out the rest of our site.