Plain-English Reference

Record Retention Guide

How long to actually keep tax returns, receipts, and business records — based directly on IRS guidance.

Reviewed October 2026 · General information, not personalized tax advice — see note below.

The general rule: 3 years

For most individual and business tax returns, keep records for at least 3 years from the date you filed the original return (or 2 years from the date you paid the tax, if you later file a claim for refund, whichever is later). Returns filed before the due date are treated as filed on the due date. This covers the standard IRS time limit to audit a return or for you to file an amended return claiming a refund.

When you should keep records longer

The 3-year rule doesn't apply in every case. Per the IRS's “How long should I keep records?” guidance (see also IRS Publications 552 and 583), keep records longer if any of these apply to your situation:

6 years — if you failed to report income that you should have, and it's more than 25% of the gross income shown on your return.
7 years — if you claimed a deduction for a bad debt or a loss from worthless securities.
Indefinitely — if you didn't file a return, or if you filed a fraudulent return.
At least 4 years — for employment tax records, keep them at least 4 years after the date the tax becomes due or is paid, whichever is later.

Property and asset records: a different clock

Keep records related to property (real estate, equipment, investments) until the period of limitations expires for the year you dispose of the property — you'll need the original purchase records to correctly figure depreciation, amortization, or a gain/loss when you eventually sell.

What "records" actually means

Filed tax returns, W-2s and 1099s, receipts for deductions you claimed, bank and credit card statements, mileage logs, records of estimated tax payments, and (for a business) payroll records, invoices, and bank reconciliations.

A simple habit that makes this easy

Keep one folder (physical or digital) per tax year, and don't clear it out until the retention period for that specific year has actually passed — not just "a few years," since the exceptions above can extend a single year's records well past 3.