Updated mileage rates.

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 purposes.
   Currently, taxpayers using more than one vehicle simultaneously for
business purposes cannot use the standard rate. The IRS indicates that
more than 800,000 businesses will become eligible to use this
rate.

-Stuart R. Josephs, CPA, of San Diego-based Tax Assistance Practice