What to keep with a business receipt
A receipt is more useful when it sits inside a complete record. The IRS says supporting documents should identify the payee, amount, proof of payment, date incurred, and what was purchased or received.
- Who was paid?
- How much was paid, and how?
- When did the expense happen?
- What was purchased?
- What was the business purpose?
- Was the expense wholly or partly personal?
Build a repeatable habit
Capture the record close to the transaction, add one sentence explaining the business purpose, and file it by year and category. Keep bank and card statements as supporting evidence, but do not rely on a statement alone when it does not explain the purchase.
Retention periods vary by situation. Keep records long enough to support the return and any applicable claims, and ask a tax professional about your specific circumstances.
Important: This article is educational and does not determine whether an expense is deductible.
Source: IRS: What kind of records should I keep?
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