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.
Therefore, at a minimum, all receipts should be saved for at least three years. Although the IRS only has three years to audit good faith errors in filing, they have up to six years to audit individuals if they suspect the taxpayer under-reported their income by more than 25 percent.