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Your kids are going back to school soon, so why not do the same? You can write off the cost of taking a course at a local college as a business expense, so long as it maintains or hones the skills that your job requires. Caution: You can’t deduct education that qualifies you for a new trade or business or satisfies minimum education standards for your current job. But, if you qualify, you can deduct travel costs related to your education.