What tax records to keep as a freelancer (and for how long)

If the IRS ever questions your return, your records are what back up your income and deductions. Good records also make filing faster.

What to keep

Income

• 1099-NEC and 1099-K forms
• platform tax summaries and earnings statements
• invoices and bank deposit records

Expenses

• receipts, invoices and card statements showing what you bought
• a note of the business purpose where it isn’t obvious
• platform fee reports (Uber, Lyft, Etsy)

Vehicle

• a mileage log with the date, miles, destination and purpose of each business trip, kept as you go
• if you use actual expenses: gas, repair and insurance receipts

Other

• estimated tax payment confirmations
• home office measurements, if you claim one
• records of equipment purchases (date, cost, business use)

How long to keep them

Situation	Keep for
Most returns	3 years from the date you filed
You left out more than 25% of your income	6 years
Bad debts or worthless securities	7 years
Records for property or equipment	Until 3 years after the year you sell or dispose of it
You didn’t file, or filed a fraudulent return	Forever

A simple rule: keep everything for at least 3 years after you file, and records for anything you’re still depreciating for longer.

Make it easy

• Use a separate bank account and card for business.
• Photograph paper receipts; digital copies are fine.
• Use a mileage app that logs trips automatically, and review it weekly.
• Keep one folder per tax year.

Start with the deductions checklist to see which records you’ll need.