… The standard mileage rate for businesses to use in deducting automobile costs will increase to 37.5 cents in 2004, up from 36 cents in 2003, according to the IRS

Healthcare Financial Management, Dec, 2003

... The standard mileage rate for businesses to use in deducting automobile costs will increase to 37.5 cents in 2004, up from 36 cents in 2003, according to the IRS. The IRS also announced other amounts for various deductible costs when using a car, which will be effective January 1, 2004. The deductible amount for use of a car when giving services to a charitable organization will remain at 14 cents per mile, unchanged for the past two years.

The amount for use of a car for medical reasons also will remain at the 2003 level of 14 cents per mile, while the amount per mile used for computing deductible moving expenses will increase from 12 cents to 14 cents. To read the IRS Revenue Procedure 2003-79, go to www.irs.gov/pub/irs-drop/rp-03-76.pdf.