What receipts and records should I keep?
What supports your income, expenses and deductions.
Keep records that show what happened, when it happened, how much was involved and why it was business-related. A Ledjyr entry organizes the transaction; the receipt, invoice, statement or other document helps prove it.
Your log and your evidence work together
Neither part tells the full story alone. Your ledger summarizes the year, while supporting documents explain the individual entries behind it.
The organized entry
Date, amount, category, payer or merchant and a useful business description.
The document behind it
Receipt, invoice, bank record, mileage log, contract or other proof tied to the entry.
What should you keep?
The right document depends on the transaction. Keep enough information for someone unfamiliar with your business to understand the amount and its business purpose.
Income and sales
Invoices, sales reports, contracts, payout statements, deposit records and Forms 1099.
Shows who paid you, what for, the gross amount and when it was received.Expenses and purchases
Itemized receipts, paid bills, supplier invoices, card statements and canceled checks.
A bank statement proves payment, but may not show exactly what you bought or why.Travel and vehicle use
Mileage log, dates, destinations, business purpose, parking, tolls and travel receipts.
Record mileage near the time of the trip rather than reconstructing it months later.Equipment and mixed-use items
Purchase documents, financing records and notes supporting your business-use percentage.
Keep property records longer when they affect depreciation, basis or a later sale.A receipt alone may not explain the deduction
Add context when the business purpose is not obvious. “Lunch — $48” says very little; a note identifying a permitted business purpose is much more useful.
“Office store — $186”
The payment is visible, but the items and business connection are unclear.
- No itemized receipt
- No project or business purpose
- Hard to review later
“Printer ink + shipping labels”
Itemized receipt attached; purchased for customer-order fulfillment on May 8.
- Amount and date match
- Items are identified
- Business purpose is recorded
Capture it once, while it is clear
A payment arrives or you make a purchase.
Add the transaction and correct gross amount.
Add the payer, merchant and business purpose.
Keep the supporting file in a safe, organized place.
Electronic records are acceptable when they remain accurate, accessible and organized. Back up files rather than relying on a fading paper receipt or a single device.
How long should you keep records?
The retention period depends on what the document supports and your circumstances, so there is no single rule for every record.
The IRS generally describes three years for many ordinary income-tax records. Some situations require longer, including certain refund claims, omitted income, bad debts, employment taxes and property records. Keep documents for as long as they may be needed to support the return or establish an asset’s basis.
What to do in Ledjyr
Make every important entry understandable
- Record income and expenses consistently throughout the year.
- Use the gross payment amount before platform or processing fees.
- Add a specific note when the business purpose is not obvious.
- Keep the original supporting document in an organized external folder.
- Reconcile Ledjyr with bank and platform statements regularly.
- Back up electronic records and preserve property documents for longer when needed.