2003 Standard Mileage Rates Announced by IRS

The IRS has announced the optional standard mileage rates to use for 2003 in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. The amounts for the various deductible costs for use of a car will be effective January 1, 2003, and are as follows:

• 36 cents a mile for all business miles driven, down from 36.5 cents a mile in 2002.
• 14 cents a mile when providing services to a charitable organization.
• 12 cents a mile for the use of a car for medical reasons, down from 13 cents a mile in 2002.
• 12 cents a mile when computing deductible moving expenses, down from 13 cents a mile in 2002.

2000 Standard Mileage Rate is 32 ½ cents
2001 Standard Mileage Rate is 34 ½ cents

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