Source: IRS – How long should I keep records? Receipt vs. If a business claimed a loss for any tax year, the receipts for that year must be kept for seven years. *Serial number of the business’s permit to engage in business (*California only).Īccording to the IRS, a business should keep its receipts for three years.Description of the service, goods, or rental.A standard receipt includes the following details: A receipt is a written record of a transaction between two or more parties.
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