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Form 886-A Schedule C-5 is asking for a log of business

Customer Question
Form 886-A Schedule C-5...

Form 886-A Schedule C-5 is asking for a log of business mileage which i can provide, but it also asks for two receipts/documents showing mileage at the beginning and at the end of the year for each vehicle. How do I get those?

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

Not that i can think of

Submitted: 1 month ago.Category: Tax
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Customer reply replied 1 month ago
Also what does my business mileage suppose to indicate? All I have is date, To and From and mileage on it.
Answered in 14 hours by:
3/9/2018
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,997
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. My name’s Lane …

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986.

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Bear with me a moment while I type up my response.

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Then if you have further questions we can go from there.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago

"but it also asks for two receipts/documents showing mileage at the beginning and at the end of the year for each vehicle. How do I get those?"

...

Only you can provide that (or maybe someone else in the family or business that would have been paying attention to then m mileage on those dates (you MIGHT be able to approximate by looking at oil change or other service records from your service providers)

...

The bot***** *****ne is that those numbers reconcile with the mileage log.

...

"Also what does my business mileage suppose to indicate? All I have is date, To and From and mileage on it."

...

When you filed your return you would have had to enter total miles driven and business miles driven (which again could come from that mileage log ... some simply record mileage next to appointments in their calendar).

...

Your tax software would then have used the ratio to generate a factor (say 80%) business miles) that would be multiplied against either mileage (or actual costs depending on what method you used) to come to the business use of vehicle deduction

...

Does that help?

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