Shoeboxes of receipts are stressful. Here is what the IRS actually asks you to keep, and for how long.
Most records: 3 years
In most cases, the IRS says to keep records for 3 years.
Payroll records: at least 4 years
Keep employment tax records for at least 4 years after the date the tax becomes due or is paid, whichever is later.
Underreported income: 6 years
If you didn't report income you should have, and it was more than a quarter of the gross income on your return, keep records for 6 years.
Bad debts and worthless securities: 7 years
If you claim a loss from worthless securities or a bad-debt deduction, keep records for 7 years.
Good bookkeeping makes this easy: records organized month by month, ready if the IRS ever asks. That's what our bookkeeping service does.