how long should you keep receipts for taxes 
for most expenses you should keep receipts and other records for three years after filing taxes as this is how long it takes for the period of limitations to run out however for some types of expenses such as unreported income or bad debt deductions the irs advises you to keep records for six or even seven years if you do not file a return or file a fraudulent return you should keep your records indefinitely 1the bottom linereceipts are one of the basic units of corporate accounting businesses use may use receipts as proof of payment to claim deductions on their taxes and to document expenditures on their income statements as well as to substantiate the existence of the assets on their balance sheets 