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IRS Announces 2004 Standard Mileage Rate
The
Internal Revenue Service (IRS) has released Rev.
Proc. 2003-76 announcing the optional standard
mileage rates to use for 2004 in computing the
deductible costs of operating an automobile for
business, charitable, medical, or moving expense
purposes. To reduce
a record keeping burden, the IRS also announced
that taxpayers who use no more than four
vehicles at the same time for business purposes
may use the standard mileage rate, starting in
2004. Currently, those using more than one
vehicle at a time cannot use the standard rate
at all, leaving them to track the actual
expenses for each vehicle. Beginning
January 1, 2004, the standard mileage rates for
the use of a car (including vans, pickups, or
panel trucks) will be: 37.5 cents a mile
for all business miles driven, up from 36 cents
a mile in 2003; 14 cents a mile when computing
deductible medical or moving expenses, up from
12 cents a mile in 2003; and 14 cents a mile
when giving services to a charitable
organization. The full text of Rev. Proc.
2003-76 is on NATP's website at http://www.natptax.com/what_s_new.html
under "What's New".
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