Updated mileage rates.

• Author: Josephs, Stuart R.
• Position: Tax Talk - Brief Article - Illustration

Updated Mileage Rates Rev. Proc. 2003-76 (IRB 2003-43, 10/27/03) provides standard mileage rates for computing 2004 automobile expense deductions. The 2004 and 2003 rates, at cents per mile, are as follows: 2004 2003 Business 37.5 36 Charitable 14 14 Medical 14 12 Moving 14 12 Also, Rev. Proc. 2003-76 reduces record keeping burdens for 2004 by allowing taxpayers to use the standard rate if they use no more than four vehicles simultaneously for business...