How To Verify Self Employment
98% of businesses in the world today are small businesses. Many of them only have one employee. This type of business structure, called self employment, can be difficult to verify for employers, landlords, and others who are checking on an employment history because people can say that they did pretty much anything and claim virtually any salary and make it seem like it is true. There are a few ways, however, that you can determine if someone is giving you facts or trying to feed you a false narrative. Here are the easiest ways to verify self employment.
1. Ask For Tax Records.
People who are claiming self employment revenues must file their taxes every year. Some may even need to file estimated taxes. This will verify that the income being registered is genuine. As for a copy of tax records for 2-3 years to establish a verifiable history of reliable income. You don't need to see the entire tax return. Just look at the business income section to determine if what is being reported is real. Don't accept online copies. These can sometimes be falsified.
2. Ask To See Business Licenses.
Although not every jurisdiction requires a business license for self employment, some of them do. Not only does this verify the legality of the self employment claims, but you'll get to see how long they've been in business. Some jurisdictions will even keep a register of complaints as part of the public record. You won't get a picture of the income, but at least you'll know that the business exists.
3. Ask For Bank Account Records.
If you find someone is uncomfortable giving you their tax returns, then you can ask for their bank records or business books. There should be some register of incoming revenues and outgoing expenses. You can then judge how long someone has been working on their own based on how long they've been receiving regular deposits. Knowing how to verify self employment can help to weed out the falsified applications that maybe coming your way. Use these steps today and closely examine the data to make sure it is authentic. If someone won't submit this data, then you will have grounds to deny their application.
Many times, there are issues between a landlord and a tenant that need to be resolved but are failed to do so, because both parties have gone too far with their actions, and have retaliated in the... More
When it comes to reviewing a rental application, all of it may seem daunting; you will find it overwhelming because there is so much information that you yourself have to go through before the tenant... More
Where there is a landlord, there will also be a tenant, and it is no surprise that these two parties can only work together once there is some sort of agreement, contract or a binding deal in place.... More
Many landlords find it difficult to write and draft a lease agreement. Since every State has its own general template, it can also be difficult to make sure your lease agreement meets all the criteria... More
Becoming a landlord is a major deal and no one can simply get up and think, “well, yes I think I should be a landlord and rent out my flat.” If you are thinking that you would like to be a landlord,... More
If you’re a landlord and want to manage your business in a better way, you should endeavor to get in touch with those industry experts who have the experience and the skills to help you do it. This is... More
Landlords and aspiring landlords, do not become as such, without guidance and advice. There is a lot that goes into being a landlord nowadays; in fact, there is so much to learn that it often confuses... More
Renting out an apartment or a house can become a constant revenue source for landlords, but at the same time, it gives rise to several problems. It is a fact that high standards, a strict lease... More
If you are currently thinking of becoming a landlord only because it helps you have a constant stream of income, you should think twice. It’s not that you should not consider offering your property... More