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IRS Reduces Standard Mileage Rate WASHINGTON, Sept. 20, 2002 Citing a decline in fuel prices, the Internal Revenue Service announced a reduction in the standard mileage rates to use for 2003. The standard mileage rate for the use of a car for business purposes is 36 cents a mile for all business miles driven, down from 36.5 cents a mile in 2002. The standard mileage rate for the use of a car when giving services to a charitable organization remains at 14 cents a mile. The standard mileage rate for the use of a car for medical reasons is 12 cents a mile, down from 13 cents a mile in 2002. The standard mileage rate to use when computing deductible moving expenses is 12 cents a mile, down from 13 cents a mile in 2002. The standard mileage rates for business, medical and moving purposes are based on an annual study of the fixed and variable costs of operating an automobile. Revenue Procedure 2002-61 contains additional information on these standard mileage rates. It will appear in Internal Revenue Bulletin 2002-39, dated September 30, 2002. It will also be available through the "Advance Notice for Tax Professionals" section of the IRS Web site. Was this information helpful? Please rate this article in the box below or write to editor@smartpros.com 2002 SmartPros Ltd. All Rights Reserved. |
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