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.
If the total amount you are claiming is $300 or less, you do not need to keep receipts, but you must be able to show how you worked out your claims. You need to keep written evidence of your work-related expenses for five years from the due date for lodging your tax return. If you lodge your tax return after the due date, the five years start from the date you lodged your tax return. For a depreciating asset, you must keep records for five years from the date of your last claim for decline in value (depreciation). Last modified: 05 Oct 2016QC 26103.