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Internal Revenue Code (IRC) §162 is every business owner’s favorite Code Section. IRC §162 allows a deduction for ordinary and necessary business expenses paid or incurred during the taxable year in carrying on any trade or business.
IRC §162(a)(3) specifically provides for traveling expenses (including amounts expended for meals and lodging other than amounts which are not lavish or extravagant under the circumstances) while away from home in the pursuit of a trade or business.
Does this mean it is possible to deduct your summer vacation under this section? Perhaps; let’s take a closer look.