People now get one to two hours less sleep each night, on average, compared to 60 years ago. A primary reason for this is the proliferation of electronics, which also allows us to work (and play) later than ever before.
The Internal Revenue Service requires that individuals be able to produce records proving any income, deductions or credit claimed for at least three years from the date of a return, the statute of limitations for how long the I.R.S. has to assess additional tax if all income was reported correctly.
This applies to business expenses, as well as all other deductions and income items. Think Ahead. You will need to keep all records that support items on your tax return for at least four years after you file your tax return because the IRS may challenge your return for up to three years after its due date.