Do You Use your car for business? Hate keeping records of the actual expenses you pay for the business use of your car? There's another way to deduct the business use of your car. The optional mileage allowance method is the name of this game. Use this method and keeping records of each auto expense is history. Instead, only two simple tasks capture your deduction: Keep track of the business miles you drive and then apply the IRS mileage allowance rate. Every year the IRS announces the rate for the next year. The rate may go up, down or stay the same. The rate for 2004 is 37.5 cents per mile; up from 36 cents in 2003.
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