Why Keep Receipts?
Businesses need to hang on to receipts for tax purposes—either quarterly or at the end of the year. Most receipts are stored electronically and paper ones are only given if the customer doesn’t want an e-receipt. A receipt is proof that a payment was made.
The IRS says businesses should keep receipts for 3 years. But if a business shows a loss for the year, they need to keep them for 7 years.