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tax deduction education, tax deduction travel, tax deduction teachers
Trade or business expenses are deductible if they are ordinary and necessary with respect to the trade or business in which they were incurred. Treasury Regulations bring education expenses into this purview but only if they maintain or improve skills already acquired or allow a taxpayer to maintain his current position. Expenses which qualify a taxpayer for a new trade or business or which enable one to meet the minimum standards of a trade or business are considered personal and thus not deductible. Where educational conferences are held out of town there are additional considerations which might limit the allowable deduction for related education expenses.