five years
The general rule for keeping receipts This means you should keep all receipts, proof of income, calculations, nominations and other records which support the contents of you tax return for five years.

How long should I keep old bills and receipts?

Keep for 1 month: utility bills, deposits and withdrawal records. If you’re self-employed, you may need your utility, cable and cell phone bills for tax purposes. Otherwise, you can dispose of them as soon as you verify your payment was processed.

How long do you have to keep receipts for tax return?

Keep receipts that support tax deductions for three to seven years. The Internal Revenue Service can randomly audit your return up to three years after the filing date or if it suspects you made an error. That deadline extends to six years if it believes you underreported income by 25 percent or more.

How long should you keep receipts for improvements to your home?

Housing records, specifically receipts that show improvements, should be kept for as long as you own your home plus six years. You can reduce the capital expense, and associated taxes, by itemizing the improvements along with the proof of their costs.

Why do I need to keep receipts for everything I buy?

Returns or Exchanges – Keeping receipts for any items you buy will help if you have to return or exchange the item. It proves the price you paid, as some retailers may always take your returns, but may only give you the lowest price the item has sold for.

How long do you have to keep utility bill receipts?

Paid utility bills can be discarded after a year. You only need to keep ATM and debit card receipts until you reconcile your bank statement. The same is true for receipts for purchases made on your credit card. Once you receive the statement and verify the charges, the receipt can be discarded.