26 U.S.C. § 162 — Trade or business expenses

Source [4] 26 U.S.C. § 162 — Trade or business expenses

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> Official source: https://uscode.house.gov/quicksearch/get.plx?title=26&section=162 — Internal Revenue Code text as published by the U.S. House Office of the Law Revision Counsel, USLM bulk release point 119-102, retrieved 2026-09-09. Cite as: IRC § 162. **Statutory text only** — editorial notes, amendment history and effective-date notes are omitted; confirm currency for amendments after the release point.

(a) In general › (1) There shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business, including—

(1)

a reasonable allowance for salaries or other compensation for personal services actually rendered;

(a) In general › (2) traveling expenses (including amounts expended for meals and lodging other than amounts which are lavish or extravagant under the circumstances) while away from home in the pursuit of a trade or business; and

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