IRS Announces Standard Mileage Rate for 2003
The Internal Revenue Service announced on Sept. 18 that the 2003 standard mileage rate will be 36 cents per mile for computing deductible costs of operating a vehicle for business purposes, a decrease from the 2002 rate 36.5 cents per mile.
The Internal Revenue Service announced on Sept. 18 that the 2003 standard mileage rate will be 36 cents per mile for computing deductible costs of operating a vehicle for business purposes, a decrease from the 2002 rate 36.5 cents per mile. The primary reason for the rate decrease was the decline in gas prices in the past year, according to the IRS.
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