Receipts: what to keep and for how long

A business record has to show what you paid and that it was for a business expense; a bank or card statement can prove the payment but not what you bought. Keep records at least 3 years after you file, and longer in the cases the IRS lists, such as 4 years for employment tax records, 6 years if you left out income of more than 25% of the gross income shown on your return, and indefinitely if no return was filed.

Last reviewed September 24, 2026 · Tax year 2026 · Federal and Florida

Anyone subject to federal income tax has to keep records sufficient to establish the income, deductions and credits on the return. A receipt is one way to meet that; for most expenses, other documents count too.

What a record has to show

IRS Publication 583 puts the rule in one sentence: "Your supporting documents should show the amount paid and that the amount was for a business expense." It names canceled checks, cash register tapes, account statements, credit card slips, invoices and petty cash slips.

A bank or card statement can prove payment if it is highly legible and shows the amount, the payee and the date, plus the check number for a check. It does not show what you bought, and "Proof of payment of an amount, by itself, does not establish you are entitled to a tax deduction." The publication says to keep slips and invoices as well.

Travel, gifts and vehicles

Travel away from home (meals and lodging included), gifts and listed property, which includes any passenger automobile or other vehicle, carry a stricter rule. You need adequate records, or sufficient evidence corroborating your own statement, of the amount, the time and place or the date and description of a gift, the business purpose, and the business relationship of whoever received the benefit. A receipt or similar document is required for lodging away from home and for any other such expense of $75 or more, though transportation charges are excused when a receipt is not readily available.

If a receipt is missing

For an ordinary business expense, other documents can carry it; an invoice from the vendor is one of the supporting documents the IRS lists. Where the evidence shows an expense was incurred but not its exact amount, courts have allowed a close approximation, known as the Cohan rule. An estimate is never assured.

Travel, gifts and vehicles get no estimate. The regulation says § 274(d) supersedes the Cohan rule and allows no deduction "on the basis of such approximations or unsupported testimony of the taxpayer". Without adequate records you need your own detailed statement plus corroborating evidence. Records lost to fire, flood or another casualty beyond your control may be substantiated by reasonable reconstruction. The standard mileage rate can stand in for the cost of using a vehicle, and per diem rates for meals and incidental expenses; the time, place and business purpose must still be shown.

Scanned copies

An electronic storage system must, among other things, transfer records accurately and completely, guard them against alteration and deletion, be checked regularly, be indexed, and reproduce them legibly. The paper may be destroyed only after you have tested the system and set up procedures to keep it compliant. Using someone else's system leaves the responsibility with you.

How long to keep records

Records that support a return are kept until its period of limitations runs out, the time in which you can claim a refund or the IRS can assess more tax.

The usual case. Keep records for: 3 years after filing; an early return counts as filed on its due date.
A refund claim after filing. Keep records for: 3 years from filing or 2 from paying, whichever is later.
Employment tax records. Keep records for: At least 4 years after the tax is due or paid, whichever is later.
You left off income of more than 25% of the gross income the return shows (for a business, gross receipts before cost of goods sold). Keep records for: 6 years.
A bad debt or worthless securities loss. Keep records for: 7 years from the return's due date.
No return filed, or a fraudulent one. Keep records for: Indefinitely.
Property. Keep records for: Until the period runs out for the year you dispose of it.

Florida sales tax

Separately from the federal rules, a Florida dealer keeps sales tax records until the Department of Revenue can no longer assess. That is generally 3 years after the tax or return was due or the return was filed, whichever is later. There is no limit if a required return or payment was not made or the return was fraudulent; the 3-year limit still applies if you disclosed the liability in writing before the Department contacted you.

Send receipts and statements through the client portal, not by email; how is in Using the client portal.

Sources

This article is general educational information, not tax, legal, or accounting advice, and does not create a client relationship. Tax law changes and depends on your specific facts. Information is current as of September 24, 2026 for tax year 2026; verify before acting. Consult a qualified CPA, EA, or attorney about your situation.

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