What are the standard mileage rates for 2004, 2003, and 2002?
2004
The standard mileage rate for business use of an automobile was 37.5 cents
per mile for 2004.
The standard mileage rate for moving or medical reasons was 14 cents
per mile for 2004.
The standard mileage rate for charitable contributions was 14 cents per
mile for 2004.
2003
The standard mileage rate for business use of an automobile declined to
36 cents per mile for 2003.
The standard mileage rate for moving or medical reasons declined to 12
cents per mile for 2003.
The standard mileage rate for charitable contributions is unchanged at
14 cents per mile for 2003.
2002
The standard mileage rate for business use of an automobile was 36.5 cents
per mile for 2002.
The standard mileage rate for moving or medical reasons was 13 cents
per mile for 2002.
The standard mileage rate for charitable contributions was 14 cents per
mile for 2002.
The rates for 2005 will be announced in a new revenue procedure updating
revenue procedure 2002-61 and should be issued in early fall 2004.
If you lease a vehicle, can you deduct the cost of the lease payments
plus the standard mileage rate?
No, if you lease a car you use in business, you may use either the standard
mileage rate or claim actual expenses, which would include lease payments.
You cannot use both the standard mileage rate and the lease payments.
