How Long Should I Keep an Invoice?

It is suggested to keep an invoice for at least three (3) years for USA residents. According to the Internal Revenue Service (IRS), an individual or company is required to keep an invoice under the following circumstances:

• For an invoice related to payment of employees: 4 years 
• For an invoice not reported on income taxes that exceeds 25% of gross income: 6 years
• If the invoice is related to worthless securities losses or bad debt deduction: 7 years
• If the invoice is from a tax year where no tax return or a fraudulent tax return was filed: indefinitely