IRS Announces New Mileage Rates for 2002
The standard rate of mileage for business use of a vehicle is set to increase again, effective January 1, 2002. The current rate is 34.5 cents per mile. For 2002, the new rate for business mileage will increase two cents to 36.5 cents per mile.
The mileage rate for medical and moving expenses is also set to increase. The following changes will go into effect on January 1:
- Business mileage rate increases from 34.5 cents per mile to 36.5 cents per mile.
- Deductible mileage rate for medical expenses increases from 12 cents per mile to 13 cents per mile.
- Deductible mileage rate for moving expenses increases from 12 cents per mile to 13 cents per mile.
- Deductible mileage rate for charitable services remains the same at 14 cents per mile.
The rate increases stem from the rise in gasoline costs over the past year.
This information is being reported in Revenue Procedure 2001-54.
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