Always keep receipts, bank statements, invoices, payroll records, and any other documentary evidence that supports an item of income, deduction, or credit shown on your tax return. Most supporting documents need to be kept for at least three years.

Is there any reason to keep old receipts?

Proper receipts will help you separate taxable and nontaxable income and identify your actual deductions. Keep track of deductible expenses: In business, things get busy — and that is a good thing. Keeping receipts of all your transactions will help you claim all of your possible deductions.

What if I didn't save receipts?

If you don't have original receipts, other acceptable records may include canceled checks, credit or debit card statements, written records you create, calendar notations, and photographs. ... Review your credit card statements, mileage logs, and calendar notations for records.