Receipts
What receipts should I keep for taxes?
By the Mylo team · Last updated July 1, 2026
Short answer
Keep receipts for anything you plan to deduct or that supports income you report: business expenses, deductible medical or charitable costs, home office and equipment, and self-employment costs. When in doubt, keep the itemized receipt, since the IRS can ask you to substantiate a deduction.
The general rule is that if a purchase supports a deduction or credit you claim, or documents income, the receipt is worth keeping. Common examples include business supplies and equipment, travel and mileage related costs, professional services, deductible medical expenses, and charitable donations with proper acknowledgment.
Itemized receipts beat card statements because they show what was actually purchased, which is what substantiation usually requires. Retention periods vary by situation, so check current IRS guidance for how long to hold records, and keep anything tied to property or big purchases longer since it can affect future returns.
How it works in Mylo
- Keep receipts for business expenses, supplies, and equipment.
- Hold documentation for deductible medical, charitable, and self-employment costs.
- Save records that support income you report or credits you claim.
- Prefer itemized receipts over card statements for substantiation.
- Retention periods vary, so check current IRS guidance for how long to keep records.
Best practices
- When unsure whether something is deductible, keep the receipt anyway.
- Hold onto records for property and major purchases longer than a single year.
- Mylo captures receipts automatically from your email, connected store accounts, your camera roll, and card matches, keeps the itemized copy, and makes everything full-text searchable, so you are audit-ready without hunting through paper.