The IRS general rule is to keep records that support a tax return for 3 years from the date you filed it. Keep them 6 years if you left out income of more than 25% of the gross income shown, 7 years for a bad debt or worthless securities loss, at least 4 years for employment tax records, and indefinitely if you did not file. ProfitDrawer's expense tracking guide lists the same IRS periods.
| Situation | Keep records for |
|---|---|
| Most returns | 3 years from filing |
| Employment tax records | At least 4 years after the tax is due or paid, whichever is later |
| Income left out over 25% of gross income shown | 6 years |
| Bad debt or worthless securities loss | 7 years |
| No return filed, or a fraudulent return | Indefinitely |
Records about property you own, such as a vehicle or equipment, are generally kept until the period of limitations expires for the year you sell or dispose of it, because they show your basis and depreciation.
Before you throw anything out, check whether someone else needs it: the IRS notes that your insurance company or creditors may require you to keep records longer than the IRS does. Many owners scan receipts into dated folders so the copies are easy to keep for the full period.
General information, not tax advice.
Source: How long should I keep records? (IRS) · Updated
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General information, not tax, legal or financial advice. Check the rules for your state and your situation.