How much income tax do I have to pay on interest?
Is a mission trip tax deductible?
Can you get taxed on the interest you earn on a savings account?
How do you write a petty cash receipt?
What are tax deductible expenses?
What information needs to be on a tax invoice for it to be effective?
What name should you put on a title for home tax purposes?
taxes
Question by cheryllichak (26)
I would like to clean house and get rid of some old things, but am uncertain to how long to hold on to receipts.
Answer by Kurt (4579)
You should keep at least the last 3 years of financial information for tax purposes. That is the statute of limitations for the IRS.
Answer by brado76 (167)
The standard answer is 5 to 7 years though you can now use a scanner to scan in all your old receipts and keep records forever.
Answer by mommytoc (56)
I would save reciepts for anything tax deductible for seven years although I think you are fine so long as you keep them for two years.
Answer by emilyjones (69)
For all practical purposes, you should keep tax records and receipts for about seven years. There is always a possibility of audit and you should be prepared.
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