Family daycare providers may choose to use standard meal and snack rates.
If you meet the requirements of a family daycare provider, you may choose to use the standard
meal and snack rates to compute the deductible cost of food for eligible children cared
for in your home. See Standard meal and snack rates, under Daycare Facility, later, to
determine if you qualify for this option.
Standard mileage rates for 2003.
The standard mileage rate for the cost of operating your car, van, pickup, or panel truck for
2003 is 36 cents a mile.
Addition of 50% special depreciation allowance.
For qualified property you acquire and place in service after May 5, 2003, you can take a
special depreciation allowance of 50% of the property's depreciable basis. However, you can
elect to claim the 30% special depreciation allowance for property that qualifies for
the 50% rate. For more information, see chapter 3 in Publication 946.
Increased section 179 deduction dollar limit.
The maximum section 179 deduction you can elect for property you purchased and placed in
service in 2003 is $100,000. For more information, see chapter 2 of Publication 946.
Inclusion of off-the-shelf computer software as eligible section 179 property.
The types of property that qualify for the section 179 deduction have been expanded to
include off-the-shelf computer software purchased and placed in service in 2003. For more
information, see chapter 2 of Publication 946.
Information courtesy of the Internal Revenue Service.
