GloriaL
Expert Alumni

Get your taxes done using TurboTax

It depends, they may want to review your receipts. The IRS requires you keep all your records that you used to prepare your taxes for the last three years from the date you filed the return. The IRS is allowed to audit you within the last three tax years. If they find a large error, they may dig deeper and may request substantiation even further back. It is advisable to save your records for the last seven years for both your personal and business taxes.

 

For receipt record keeping, the IRS states that you need a record and proof of payment. Essentially, your record needs to show what you bought, when you bought it, and how much you spent. The IRS accepts receipts, canceled checks, copies of bills, and bank statements to verify expenses.

 

For additional information: IRS: What Record Should I Keep

 

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