Courtesy of SmartPros.com

IRS Reduces Standard Mileage Rate

WASHINGTON, Sept. 20, 2002 - Citing a decline in fuel prices, the Internal Revenue Service announced a reduction in the standard mileage rates to use for 2003.

The standard mileage rate for the use of a car for business purposes is 36 cents a mile for all business miles driven, down from 36.5 cents a mile in 2002.

The Smart Pros article is here

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Courtesy of CCH.com

No Tax Package in 2002, Says Lott

Congress will probably not pass an investor or small business tax package in 2002 because there are so many other issues to address, according to Senate Minority Leader Trent Lott, R-Miss., who spoke at a meeting of the National Restaurant Association in Washington, D.C. on September 23.

Full article can be found here.

[TaxMama: That doesn't mean they won't pass a myriad of other tax-related packages. And there are several in the works, so don't despair.]

Published TaxMama.com 9.20.02