What records should online creators keep for taxes?

The IRS general rule is to retain tax records for at least three years from the date the return was filed (or the return due date, whichever is later). The statute of limitations for the IRS to assess additional tax is generally three years, extending to six years if income is substantially understated, and indefinitely if fraud is involved. Records related to property — equipment, computers, studio improvements — should be kept for as long as the property is owned and then for the full retention period after it is sold or disposed of, because the basis and depreciation history are needed to compute gain or loss.

Income records that creators should maintain include all 1099-NEC and 1099-K forms received, monthly and annual revenue statements from every platform (YouTube Studio, Substack, OnlyFans, Shopify dashboard), bank statements showing deposits, and any contracts or agreements with brand sponsors. These records allow creators to verify that all income is reported and to explain any discrepancies between 1099 amounts and reported income.

Expense records should include receipts for every business purchase, organized by category. For equipment: the purchase receipt, the date placed in service, and notes on business use percentage. For home office: floor plan measurements or photos showing the dedicated space, and records of the monthly or annual housing costs being allocated. For contractor payments: the contractor's name, taxpayer identification number, and payment dates and amounts (needed for 1099-NEC issuance if payments reach $600). Digital receipt storage — photos of physical receipts saved to a cloud folder, or receipts forwarded to accounting software — prevents the loss of paper receipts over a multi-year retention period. IRS Publications 334 and 535 address the documentation requirements in detail.

This is general tax information, not tax advice. Your situation may differ; consult a licensed CPA before making tax decisions.