Hi all,
As you all know the standard mileage rate for this year is $ 36.5
cents per mile for all business miles.
Standard Mileage Rates for 2003 Announced
The IRS has announced the optional standard mileage rates to use for 2003 in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. The amounts for the various deductible costs for use of a car will be effective January 1, 2003, and are as follows:
* 36 cents a mile for all business miles driven, down from 36.5 cents a mile in 2002. this includes all miles including deadhead
* 14 cents a mile when providing services to a charitable organization. This mileage is going to & from Goodwill, Salvation Army, and any charible event that you attend and donate cash or clothes, or any other items,.
* 12 cents a mile for the use of a car for medical reasons, down from 13 cents a mile in 2002. This deduction is for milage to and from doctors, dentists, specialists, and to and from the drug store for your RX only, does not include over the counter drugs, or other items purchased except for not covered RX, Diabeties supplies, if you are
not on medicare. Stop smoking RX are deductable, if it is not prescribed it is not deductable, unles you go to a class room atmosphere.
* 12 cents a mile when computing deductible moving expenses, down from 13 cents a mile in 2002. This deduction if not reimbursed by an employer, is deductable to the extent of total milage less the mileage
to and from the old job. and then the mileage from the old job to the new, 100 miles mim.
No word on the Deim pay has been released yet, normally they wait until the final update on this in January. that is if they change it , which they havent, $38 in US & $42 in Canada, in 3 years, but the deductiable goes up to 65% this year and 2003, 70% in 2004 & 2005, 75% in 2006 & 2007 and finally back to 80% in 2008 and beyond
Frank Katz
Franks Tax & Business SErvice
308 E. King ST.
Kings Mountain, NC 28086
704-739-4039
Fax 704-739-3934
PS: Those of you who have asked for tax information packages they will be mailed the 2nd week of October.
As you all know the standard mileage rate for this year is $ 36.5
cents per mile for all business miles.
Standard Mileage Rates for 2003 Announced
The IRS has announced the optional standard mileage rates to use for 2003 in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. The amounts for the various deductible costs for use of a car will be effective January 1, 2003, and are as follows:
* 36 cents a mile for all business miles driven, down from 36.5 cents a mile in 2002. this includes all miles including deadhead
* 14 cents a mile when providing services to a charitable organization. This mileage is going to & from Goodwill, Salvation Army, and any charible event that you attend and donate cash or clothes, or any other items,.
* 12 cents a mile for the use of a car for medical reasons, down from 13 cents a mile in 2002. This deduction is for milage to and from doctors, dentists, specialists, and to and from the drug store for your RX only, does not include over the counter drugs, or other items purchased except for not covered RX, Diabeties supplies, if you are
not on medicare. Stop smoking RX are deductable, if it is not prescribed it is not deductable, unles you go to a class room atmosphere.
* 12 cents a mile when computing deductible moving expenses, down from 13 cents a mile in 2002. This deduction if not reimbursed by an employer, is deductable to the extent of total milage less the mileage
to and from the old job. and then the mileage from the old job to the new, 100 miles mim.
No word on the Deim pay has been released yet, normally they wait until the final update on this in January. that is if they change it , which they havent, $38 in US & $42 in Canada, in 3 years, but the deductiable goes up to 65% this year and 2003, 70% in 2004 & 2005, 75% in 2006 & 2007 and finally back to 80% in 2008 and beyond
Frank Katz
Franks Tax & Business SErvice
308 E. King ST.
Kings Mountain, NC 28086
704-739-4039
Fax 704-739-3934
PS: Those of you who have asked for tax information packages they will be mailed the 2nd week of October.