How Long To Keep Records and Receipts for Tax Purposes

You must keep records as long as they may be needed for the administration of any provision of the Internal Revenue Code. Generally, this means you must keep your records that support your deduction (or an time of income) for 3 years from the date you file the income tax return on which the deduction is claimed. A return filed early is considered filed on the due date.

Say For Instance:

If you use your automobile less than 50% fir business and claim actual expenses, you must keep those records for at least 6 years (the straight-line, useful life depreciation period).