Tax Season! But Wait, What Records Should I Keep?

Tax season runs smoother when you know exactly what records to keep—and for how long. Use the checklist below to track the documents that prove your income, deductions, and credits, whether you’re an employee, freelancer, or small business owner. When you’re done, grab the PDF download to save or share.

Download a PDF version of this table to use as a checklist at your own leisure:

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Tax Season! But Wait, What Records Should I Keep? FAQs

• How long should I keep tax records if I file electronically?
  Even if you file electronically, you should still keep digital or printed copies of your tax returns and supporting documents for at least three years after the filing date. The IRS may audit returns within this timeframe. For business owners or freelancers, it’s best to keep them for up to seven years, especially if you report self-employment income.
• Do I need to keep old paystubs once I receive my W-2 form?
  You can safely discard paystubs after confirming that the year-end totals match your W-2. However, if you’re applying for a loan, rental, or government program that requires proof of income, keep them longer. Paystubs are also valuable records if there’s ever a dispute about wages or tax withholdings.
• What’s the difference between a W-2 and a 1099 form for recordkeeping purposes?
  A W-2 shows income from an employer where taxes were withheld, while a 1099 (like 1099-NEC or 1099-K) reports non-employee or contract income with no taxes withheld. Since 1099 income is self-reported, freelancers should keep these forms and any related receipts or invoices for at least six years to support their filings in case of an audit.
• Should I keep digital copies of receipts and tax forms, or are paper copies better?
  Digital copies are perfectly acceptable—as long as they’re clear, accurate, and securely stored. The IRS recognizes electronic documentation. Consider scanning paper receipts and backing them up in cloud storage to avoid damage or loss. Just make sure the files are organized by year and category for easy reference.
• What happens if I lose a tax document before filing?
  If you misplace an important document like a W-2 or 1099, you can request a replacement. Employers and payers must provide duplicates upon request. You can also get transcripts directly from the IRS online portal showing your reported income. For bank statements or receipts, contact your bank or service providers—they typically keep records for several years.
• How long should I keep tax documents if I file an amended return?
  When you file an amended tax return (Form 1040-X), the clock resets. You should keep all records related to that amended return for three years from the date you filed the amendment or two years after paying the tax owed, whichever is later. Keeping them longer—up to seven years—is safest for those with complex filings or large deductions.
• Do I need to keep proof of deductions if I take the standard deduction?
  If you take the standard deduction, you don’t need receipts for specific deductions like charitable donations or medical expenses. However, it’s still wise to retain records for big-ticket expenses or potential future itemization, especially if your income or filing status changes in coming years.

Mark Mogilnitsky

Mark Mogilnitsky is a content writer specializing in Financial Form Generation, with a passion for simplifying complex processes for individuals and businesses. I thrive on crafting clear, engaging content that empowers users to navigate compliance and documentation with ease.