November 25, 2003 -- Effective January 1, 2004, the standard mileage rates for use of a vehicle will be:

• 37.5 cents per mile for all business miles driven, this is up from 36 cents per mile in 2003
• 14 cents per mile for deductible medical or moving expenses, up from 12 cents per mile in 2003
• 14 cents per mile when giving services to a charitable organization

Plan for Your Retirement Now: Take Advantage of the Increased Opportunities to Make Qualified Plan Contributions

• After 2 years at $40,000, the defined contribution limit for individuals has increased to $41,000.
• For the 2004 Tax Year, the maximum 401(k) and 403(b) deferral will increase from $12,000 to $13,000.
• 401(k) participants who are 50-years-old or older in 2004, will now be able to make catch-up contributions of $3,000 (up from $2,000 in 2003). This will enable such participants to defer a total of $16,000 in the year 2004.
• For simple plans the catch-up contributions for individuals 50-years-old or older will increase from $1,000 in 2003 to $1,500 in 2004.
• The maximum that can be included from annual compensation for plan purposes will increase from $200,000 to $205,000.
• The maximum annual benefit payable from a defined benefit plan will increase from $160,000 to $165,000 in 2004.

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