KEYWORD:

NEW GUIDANCE

IRS Announces2003 Standard Mileage Rates (Rev. Proc. 2002-61).

The standard mileage rates are used to compute the cost of operating a vehicle for deduction purposes. The rates for 2003 are:
Business . . . 36 cents/mile
Medical . . . 12 cents/mile
Moving . . . . 12 cents/mile
Note that the 2003 amounts are a decrease from the 2002 amounts. The change is due to a decline in fuel prices.

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