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Start your ownLesson 8 of 14

Part 1 of 3, 0 done

13 min

Money set-up: an account, simple books, and tax set aside

One account for the business, one hour a week for the books, and a share of every payment put aside before you spend it. Set up in the first week, it saves a very hard April.

Ticket 01 · The guess

How long do you keep the receipts?

In most cases, how many years does the IRS say to keep the records behind a tax return: receipts, invoices, bank statements?

1 year
0 years10 years

Spot something wrong?

Tell us what looks off. No name or email needed.

What kind of problem?

0 / 1000

We'll also send this page, the lesson, ticket 1, so we can find it. Nothing else. Privacy

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Sources and every number (1)

Sources

  • How long should I keep records? · Internal Revenue Service, 2026

Every number

  • 3 yearsirs.gov ·2026 · The IRS: keep records this long in most cases, counted from when you filed the return.
  • 6 yearsirs.gov ·2026 · The IRS: keep records this long if you left out income of more than a quarter of the gross income on the return.
  • 4 yearsirs.gov ·2026 · The IRS: keep employment tax records at least this long after the tax is due or paid, whichever is later.
  1. Lessons›
  2. Start your own
  • ·Before this: Your business's legal shape
  • ·Next: Picking a location: home, a storefront or online
Skip to the lesson

Start your ownLesson 8 of 14

Part 1 of 3, 0 done

13 min

Money set-up: an account, simple books, and tax set aside

One account for the business, one hour a week for the books, and a share of every payment put aside before you spend it. Set up in the first week, it saves a very hard April.

Ticket 01 · The guess

How long do you keep the receipts?

In most cases, how many years does the IRS say to keep the records behind a tax return: receipts, invoices, bank statements?

1 year
0 years10 years

Spot something wrong?

Tell us what looks off. No name or email needed.

What kind of problem?

0 / 1000

We'll also send this page, the lesson, ticket 1, so we can find it. Nothing else. Privacy

·
Sources and every number (1)

Sources

  • How long should I keep records? · Internal Revenue Service, 2026

Every number

  • 3 yearsirs.gov ·2026 · The IRS: keep records this long in most cases, counted from when you filed the return.
  • 6 yearsirs.gov ·2026 · The IRS: keep records this long if you left out income of more than a quarter of the gross income on the return.
  • 4 yearsirs.gov ·2026 · The IRS: keep employment tax records at least this long after the tax is due or paid, whichever is later.
  1. Lessons›
  2. Start your own
  • ·Before this: Your business's legal shape
  • ·Next: Picking a location: home, a storefront or online