Totals will suffice. You should keep all documents that may have an impact on your federal tax return. Records you should keep including bills, credit card and other receipts; invoices; mileage logs; canceled, imaged or substitute checks; proof of payments; and any other records to support deductions or credits you claim on your return.
Keeping good records will help you explain any item come tax time and arrive at the correct amount of tax with a minimum amount of effort. If you don’t have records, you may have to spend time getting statements and receipts from various sources. If you cannot produce the correct documents, you may have to pay additional tax and be subject to interest and penalties.
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