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IRS RELEASES 2004 MILEAGE RATES

October 17, 2003

The IRS has released the cents-per-mile rates that will apply for 2004 for automobile use deductions (Rev. Proc. 2003-76).

-- The rate for business use will rise to 37.5 cents, from the 2003 rate of 36 cents.

-- The rate for charitable use will remain at 14 cents.

-- The rate for medical mileage will rise to 14 cents; it was 12 cents for 2003.

-- The mileage rate for moving expenses will rise to 14 cents; it was 12 cents for 2003.

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