Receipts
What is the best way to keep track of receipts for taxes?
By the Mylo team · Last updated July 1, 2026
Short answer
The best way is to capture every receipt digitally as it happens, keep it itemized, and categorize it, so at tax time your records are already sorted and searchable. A receipt app that pulls from your email, store accounts, and card transactions removes the shoebox problem entirely.
Paper fades and gets lost, so the reliable approach is a digital copy of each receipt stored the moment you get it. Group receipts by category (meals, supplies, travel, and so on) as you go, because sorting a year's worth in April is where most people give up.
Keep the itemized detail, not just the total, since deductions often depend on what was bought. Good records also protect you if the IRS asks for substantiation later, so aim for capture that is automatic rather than something you have to remember to do.
Mylo captures receipts automatically from your email inbox, connected store accounts, your phone camera roll, and by matching them to your card transactions, then keeps the itemized copy and categorizes it. It can sync to QuickBooks, and it is free for individuals. Check IRS guidance for how long to retain records and which expenses qualify.
How it works in Mylo
- Capture each receipt digitally the moment you get it, from email, a store account, a photo, or a card match.
- Keep the full itemized detail, not just the total, so a deduction can be backed up.
- Categorize as you go, so your records are already grouped by tax time.
- Store everything in one searchable place and back it up, rather than in a drawer of paper.
- Retain records for the period the IRS recommends; check current IRS guidance for the specifics.
Best practices
- Automate capture so you are not relying on memory: Mylo can pull from email, store accounts, and your cards.
- Reconcile receipts against your card statement monthly so nothing slips through.
- Separate business and personal spending, ideally on different cards, to keep categories clean.
- Confirm with your accountant or IRS guidance which expenses are deductible for your situation.